bought at 17.95, page-17

slikk

thats the party line it ignores the fact that ANZ are the most exposed to this scenario of the big 4

sure complete systemic counter party failure is unlikely but things are looking grim partial counter party failure is looking a realistic potential

the monolines are all heading south together like a flock of ducks so a systemic monoline insurer failure isnt out of the question thats the first line of defense breached

as for "large and well-diversified portfolio of corporate names" you only need a few to set off a pretty ugly scenario

the GM default spread is skyrocketing similarly Lehmans arent looking that healthy

only time will tell