There is some good analysis

[asragov]

There is some good analysis over at Calculated Risk (“More Citi”):

http://calculatedrisk.blogspot.com/2007/11/more-citi.html

and the NY Times (“Bankers’ Lesson from Mortgage Mess”):

If you really want it from the primary source, you can listen to the conference call here:

http://biz.yahoo.com/cc/9/87359.html

There are some very unclear issues here:

– are the rating agencies marking down beyond what the underlying cash flows warrant?

– how does the valuation of the underlying collateral affect the valuation of the securities?

– how do you react to market behavior that is unprecedented?

– how effective are / would be hedges to this exposure?

I would open it up to discussion; my impression is that this is a company that is not being completely forthright about its risks. The questioners seemed to have better questions than the company had answers.