The Bear Stearns fiasco is spilling out. These subprime CDOs are being re-valued from par and now we’re finding out what they are worth…nothing. This firm was wiped out over night.
God save us now if this creates a domino effect. If more of these CDOs get revalued lower, and you know they are not worth what these firm are claiming they are, we’re in for a real meltdown. A serious meltdown that will take more than the housing industry with it.
