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| I agree entirely and as stated from the one guy the short term bonds they owned weren't wrote off x%.. It was the margin of a potential default that caused them. From everything I understood from a buddy at JP, they had zero 'risk' on the position just a ballooning margin on the potential of a default. That is what stuck them between the rock and the margin call.
But i agree on your theory entirely john, we are in a crappy place when our markets are being artificially propped up by 'CDS' that in all reality many of the people trading don't even understand. It will be interesting to see if the world does implode on Dec. 21 like the calender states :p
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The Impending Undeclared Default Of 5 Major US Banks
