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Exactly. The only way they could conceal this much longer, is if the SEC is complicit and also validates "updates to the in-house models" to shift the baseline as the crash goes.

Note that this will not be easy: I read last week that some (smart shark) hedge funds have shorted the bank stocks, purchased CDS from them without the underlyings (nothing prevents you from doing that, effectively betting on ACME going belly up), and sometimes even shorted the MBS when markets allowed. These hedge funds have officially demanded that the SEC applies regulation swifly and strictly to the big street names (in short: they will not let their preys escape). So there is big money pushing for a crash too, and lobbying power on both sides.

Pierre

by Pierre on Wed Jul 4th, 2007 at 11:48:05 AM EST
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