Word: bondses
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It should be seen as little surprise that Alex Rodriguez has joined the list of great players who have taken steroids. While his figure has not attained the Herculean proportions of Jose Canseco or Barry Bonds, the sheer prevalence of steroid use in Major League Baseball that A-Rod and...
That's basically the scenario for Strata. Its investors don't owe a dime on the first $130 million (or 13%) in losses on the $1 billion bond portfolio. That may seem like it gives Strata investors a lot of protection. But if just 15% of BofA's $1 billion...
So what is Strata worth today? Certainly not the original $20 million it's investors paid for it. According to research firm Markit, the average CDO tied to mortgage bonds lost half its value last year. CDOs based on corporate bonds have performed better. However, Strata sold insurance against high...
Of course, the government hopes the aggregator bank model it is proposing, with private investors actually making the purchases, gets around the difficult job of having the government figuring out just what these bonds are worth. But it is not clear it will. Even if private investors name the prices...
"There were a lot of shenanigans that went on in the synthetic space," says Janet Tavakoli, who is an expert in structure finance and author of the recent book Dear Mr. Buffett. "These bonds were created by financial meth labs. Now the government is going to have to figure out...