Actual Merrill CDO Sale: 5.47% on the Dollar

From Barry over at TBG:47% on the dollar

Less than five and half cents on the dollar? That’s an even cheaper sale than originally advertised.

What this transaction actually accomplishes is getting the paper — but not the full liability — off of Merrill’s books.

How very Enron-like !

The behavior of the I-banks is getting boring, tiring and surprisingly predictable, even in this market context. You would suppose they would learn some day. Apparently, that day hasn’t come yet.
Source: Actual Merrill CDO Sale: 5.47% on the Dollar

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