Comments on: Moody’s Cuts Rating of XL Capital http://www.nakedcapitalism.com/2008/02/moodys-cuts-rating-of-xl-capital.html Mon, 23 Nov 2009 01:53:25 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/02/moodys-cuts-rating-of-xl-capital.html#comment-3638 Anonymous Sat, 02 Feb 2008 06:19:00 +0000 http://www.nakedcapitalism.com/2008/02/moodys-cuts-rating-of-xl-capital/#comment-3638 OT<br/><br/>Hidden Swap Fees by JPMorgan, Morgan Stanley Hit School Boards <br/>http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ay5LDbjbjy6c<br/><br/>What New York-based JPMorgan Chase didn't tell them, the transcript shows, was that the bank would get more in fees than the school district would get in cash: $1 million. The complex deal, which placed taxpayer money at risk, was linked to four variables involving interest rates. Three years later, as interest rate benchmarks went the wrong way for the school district, the Erie board paid $2.9 million to JPMorgan to get out of the deal, which officials now say they didn't understand.<br/>``That was like a sucker punch,'' Barker says. ``It's not about the district and the superintendent. It's about resources being sucked out of the classroom. If it's happening here, it's happening in other places.''<br/>$12 Billion in Deals OT

Hidden Swap Fees by JPMorgan, Morgan Stanley Hit School Boards
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ay5LDbjbjy6c

What New York-based JPMorgan Chase didn’t tell them, the transcript shows, was that the bank would get more in fees than the school district would get in cash: $1 million. The complex deal, which placed taxpayer money at risk, was linked to four variables involving interest rates. Three years later, as interest rate benchmarks went the wrong way for the school district, the Erie board paid $2.9 million to JPMorgan to get out of the deal, which officials now say they didn’t understand.
“That was like a sucker punch,” Barker says. “It’s not about the district and the superintendent. It’s about resources being sucked out of the classroom. If it’s happening here, it’s happening in other places.”
$12 Billion in Deals

]]> By: apscomp http://www.nakedcapitalism.com/2008/02/moodys-cuts-rating-of-xl-capital.html#comment-3631 apscomp Sat, 02 Feb 2008 01:11:00 +0000 http://www.nakedcapitalism.com/2008/02/moodys-cuts-rating-of-xl-capital/#comment-3631 Can the US Governement bodies, investigate any of the bermuda based insurers... ? Can the US Governement bodies, investigate any of the bermuda based insurers… ?

]]> By: RK http://www.nakedcapitalism.com/2008/02/moodys-cuts-rating-of-xl-capital.html#comment-3630 RK Fri, 01 Feb 2008 23:53:00 +0000 http://www.nakedcapitalism.com/2008/02/moodys-cuts-rating-of-xl-capital/#comment-3630 An interestting tidbit from Euroweek.com (subscription, which I don't have)<br/>AIG has a 9.05 bn exposure to Ambac, and 7.06 bn to FGIC. Its exposure to other monolines is smaller, with SCA at 658 mn. Several years ago, the Economist did a feature on the convoluted structure of AIG, which they judged to be essentially impervious to analysis. This was prior to the Spitzer/Greenberg brouhaha, and the subsequent fines. An interestting tidbit from Euroweek.com (subscription, which I don’t have)
AIG has a 9.05 bn exposure to Ambac, and 7.06 bn to FGIC. Its exposure to other monolines is smaller, with SCA at 658 mn. Several years ago, the Economist did a feature on the convoluted structure of AIG, which they judged to be essentially impervious to analysis. This was prior to the Spitzer/Greenberg brouhaha, and the subsequent fines.

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