ext_12741 ([identity profile] ikkyu2.livejournal.com) wrote in [personal profile] rone 2008-03-22 05:33 am (UTC)

Yes, and they bought that company's liabilities, which total a great deal more than 1.2 billion, with a guarantee from the Fed that if (when) those liabilities come due because of defaults on the underlying collateral, Morgan won't have to pay them.

Book value is a mirage. Don't get sucked in.
(19 comments)

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