| Moving lots of money fast is Job. 1 for MasterCard exec
Entering MasterCard's campus in the newly built-up area in St. Charles County east of Highway 40 (Interstate 64) is more complicated than clearing security at Lambert-St. Louis International Airport or entering secured government offices. Guards require a visitor to drive over spikes that can rise up and puncture the rear tires if the driver suddenly hits reverse. Walking into the large reception hall means having futuristic sliding glass walls do a dance as they dip and move out of the way to allow a visitor to pass through. The Pentagon could hardly be more secure, but that is understandable, since MasterCard processes purchases in 210 countries. Roy Dunbar's office, on the other hand, is a simple room. Behind his modest desk were stacks of documents. We talked at a small conference table nearby.
Fannie in Her Own Words
It just means that there are a lot of other securities below it, which will absorb initial losses. The danger is that this cushion is not much protection if the underlying collateral turns to dust... The latest Citi blow contained three scary nuggets. The first is nobody really knows where the CDO debacle will lead. The complexity of valuing these things - not just how the cash from the underlying collateral gets divvied up but how the the default rates of the different securities correlate - was underscored by the $3bn range Citi attached to its potential hit. The second is that the scale of the mess could be even greater since there are many synthetic CDOs out there referencing the cash CDOs. Lastly, Citi added yesterday for good measure that all it had detailed was its direct exposure. Along with others, it may have offloaded credit risk to bond insurers.
Walker Valley b-ball sweeps Cleveland
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