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Stressful Enough
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Non-Economic Questions of the Day
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Feb 19 2008 12:00am EDT
The Credit Suisse Writedown: Less Than Meets the Eye
Credit Suisse has $34 billion in CMBS, RMBS and CDO exposures. Or, hang on a minute, cut that by $2.85 billion: apparently there were some "mismarkings" going on.
There seems to be a lot of people who are very shocked by this, but it's worth bearing in mind that all these securities are very illiquid, and that in a volatile market with wide bid-ask spreads, reasonable individuals probably can differ by more than 8.5% on the valuation of asset-backed bonds.
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