Comments on: Bank of America Affiliated Cash Fund Reported to Halt Redemptions http://www.nakedcapitalism.com/2007/12/bank-of-america-affiliated-cash-fund.html Sun, 22 Nov 2009 01:21:03 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2007/12/bank-of-america-affiliated-cash-fund.html#comment-2264 Anonymous Sun, 09 Dec 2007 07:33:00 +0000 http://www.nakedcapitalism.com/2007/12/bank-of-america-affiliated-cash-fund-reported-to-halt-redemptions/#comment-2264 oops, forgot the link, sorry<br/><br/>http://wallstreetexaminer.com/blogs/winter/?p=139 oops, forgot the link, sorry

http://wallstreetexaminer.com/blogs/winter/?p=139

]]> By: Anonymous http://www.nakedcapitalism.com/2007/12/bank-of-america-affiliated-cash-fund.html#comment-2263 Anonymous Sun, 09 Dec 2007 07:31:00 +0000 http://www.nakedcapitalism.com/2007/12/bank-of-america-affiliated-cash-fund-reported-to-halt-redemptions/#comment-2263 Minsky<br/><br/>Credit Suisse on a monthly basis puts out one of the most data filled reports in the biz on mortgage and consumer finance. A careful reading of the latest issue, enables one to piece together the nature of the American asset Bubble consumer financing Ponzi scheme. A look at the following chart on housing cash out refinancings, clearly illustrates Joe Soccer Mom’s (JSM) largely unrestrained ability (so far), to effectively service their old debts and continue spending, with new debt. Minsky

Credit Suisse on a monthly basis puts out one of the most data filled reports in the biz on mortgage and consumer finance. A careful reading of the latest issue, enables one to piece together the nature of the American asset Bubble consumer financing Ponzi scheme. A look at the following chart on housing cash out refinancings, clearly illustrates Joe Soccer Mom’s (JSM) largely unrestrained ability (so far), to effectively service their old debts and continue spending, with new debt.

]]> By: Anonymous http://www.nakedcapitalism.com/2007/12/bank-of-america-affiliated-cash-fund.html#comment-2261 Anonymous Sun, 09 Dec 2007 04:09:00 +0000 http://www.nakedcapitalism.com/2007/12/bank-of-america-affiliated-cash-fund-reported-to-halt-redemptions/#comment-2261 While we are well positioned to benefit from any recovery in this market, internal and industry projections anticipate continued lower levels of MBS/ABS issuance throughout much of 2008 and possibly into 2009," said Frank Filipps, Clayton's Chairman and Chief Executive Officer. "In our last 10-Q and investor call, we noted that our board of directors would retain an independent expert to review the value of the goodwill and intangible assets that we carry on our balance sheet. While these impairment tests have not been completed, the company's board of directors has determined that generally accepted accounting principles will require us to record a non-cash impairment charge during the fourth quarter of 2007. This charge does not affect our cash position, our cash flow from operations or our debt covenants."<br/><br/>After the charge, the carrying value of Clayton's goodwill and other intangible assets will total approximately $38 million to $63 million. While we are well positioned to benefit from any recovery in this market, internal and industry projections anticipate continued lower levels of MBS/ABS issuance throughout much of 2008 and possibly into 2009,” said Frank Filipps, Clayton’s Chairman and Chief Executive Officer. “In our last 10-Q and investor call, we noted that our board of directors would retain an independent expert to review the value of the goodwill and intangible assets that we carry on our balance sheet. While these impairment tests have not been completed, the company’s board of directors has determined that generally accepted accounting principles will require us to record a non-cash impairment charge during the fourth quarter of 2007. This charge does not affect our cash position, our cash flow from operations or our debt covenants.”

After the charge, the carrying value of Clayton’s goodwill and other intangible assets will total approximately $38 million to $63 million.

]]> By: Debbie C. http://www.nakedcapitalism.com/2007/12/bank-of-america-affiliated-cash-fund.html#comment-2259 Debbie C. Sun, 09 Dec 2007 02:38:00 +0000 http://www.nakedcapitalism.com/2007/12/bank-of-america-affiliated-cash-fund-reported-to-halt-redemptions/#comment-2259 Like Money Market Funds owning SIVs, this is just another example of people taking on way too much risk for just a few more basis points. Enhanced Cash funds were supposed to be like Money Market Funds but with a little more yield. Institutional investors in these funds should go back into the traditional Money Market funds.....Money Market funds that did not invest in SIVs, of coarse. The Money Market fund is still the best place for this money. Greedy people bastardized these safe funds by doing things like buying SIVs and creating the more aggressive and risky Enhanced Cash Funds. There are a number of fund shops out there that never pushed it like Columbia, Federated, Fidelity, Legg Mason, Western, Schwab, JPMorgan, Morgan Stanley, Evergreen, Barclays, Credit Suisse, Blackrock, GE, Lehman, Janus and others recklessly pushed it. The list of good managers might be shorter but they are still out there. Large institutional investors should be capable of know a good vs. a bad Money Market Manager. Like Money Market Funds owning SIVs, this is just another example of people taking on way too much risk for just a few more basis points. Enhanced Cash funds were supposed to be like Money Market Funds but with a little more yield. Institutional investors in these funds should go back into the traditional Money Market funds…..Money Market funds that did not invest in SIVs, of coarse. The Money Market fund is still the best place for this money. Greedy people bastardized these safe funds by doing things like buying SIVs and creating the more aggressive and risky Enhanced Cash Funds. There are a number of fund shops out there that never pushed it like Columbia, Federated, Fidelity, Legg Mason, Western, Schwab, JPMorgan, Morgan Stanley, Evergreen, Barclays, Credit Suisse, Blackrock, GE, Lehman, Janus and others recklessly pushed it. The list of good managers might be shorter but they are still out there. Large institutional investors should be capable of know a good vs. a bad Money Market Manager.

]]>