January 19, 2008 – 6:35 pm

Are we doomed on Novemeber 15, 2007?

How much is left to writedown in these ventures? Will there be an cascasding effect from banks to other corporations? How many joint ventures, subsidiaries, investments, and CDO’s must be wrritten off these balance sheets?

At this point, it seems there is confusion everywhere. These writedowns will effectively diminish the balance sheets and earnings of most firms. Earnings on their income statements must also be categorized as being derived from Level 1, Level2, and Level 3 assets… Were the last 7 years phantom earnings and balance increases?

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