Why on Earth are they doing that? It seems to me they should be refusing to touch the "securities", just buying mortgages cheap.
In one interview, one of Paulson's minions was asked what they'd do about stuff worth maybe 30 cents on the open market, but carried on a major bank's books at 60. He said they'd likely offer 55. What? The question should be whether to go as high as 28 or to look for a better price.
-- Sandy Harris, Quanzhou, Fujian, China