Oh haha well Ambac is about to be a new five letter word.
I’m lucky ( I think? ) I’m very young with no real market position or anything. Have a few K in an IRA with M.Lynch they just had a nice big 20+ billion dollar write down. I think the Admins are all out drinking like the rest of us because tomorrow we all face the music.
I don’t really know how this happened. It seems everyone had the same bright idea to play the markets and assumed no one else would hire the same quants to make the same models to do the same thing. Now there is gonna be a lot of runs to get rid of (former)AAA paper ... can’t help but notice who just started a new bond outfit. Warren Buffet! Ok Admins might shut us down for getting tinfoil hat if I’m not careful.
It will level off at 10,500