Banks and Hedge Funds, they're so scared that they'll never, get put back together. Britain's Barclays Bank subsidiary BarCap is trying to patch together a $1 billion rescue of one of its SIVs called Mainsail II, according to the Daily Telegraph. Mainsail II is a $4.5 billion vehicle managed by hedge fund group Solent Capital, itself hard hit recently. This follows a previous $1.6 billion BarCap rescue of "SIV-lite" Cairn High-Grade Funding. So the Banks are being looted to keep up the Hedge Funds. When the real estate crashes behind the sub-prime mortgages of 2006, then the dollar itself will be pulled down.
Friday, September 7
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