Wall Street Manna

An irreverent look at Wall Street

Monday, June 16, 2008

What about Level 3?

The banks are supposed to be especially good at valuing all the lumps of loans and assets they own. That is why many a Wall Street bonus is based on estimates of hard-to-value dealings in arcane assets. The very mortgage bonds that are now being written down, in fact, led to hefty bonuses for bank employees before the good times ended.
http://www.nytimes.com/2008/06/16/business/16earnings.html?ref=business

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