Strange....I would have expected the reverse. from a "Daily...

Strange....I would have expected the reverse. from a "Daily Reckoning" email, I would have expected bad news in the form of exposure to Fanniemae & FreddyMac. If the japs have been caught for $45 billion how come we havent been caught? Or have we?

"--The Asian banks have finally been heard from. So far, all the woe and wailing from the credit crisis has come from Europe and North America. But there are some pretty big banks in Japan, too. And yesterday, three of them confessed that they owned a combined $45 billion in debt securities issued by Fannie Mae and Freddie Mac.

--Mitsubishi UFJ, Mizuho Financial, and Sumitomo Mitsui Financial all fell by about five percent in Tokyo trading as investors digested the unwelcome news. Japan’s Nikkei newspaper reported that Mitsubishi has nearly US$31 billion in GSE bonds, while Mizuho has US$11.3 in exposure and Mitsui US$1.9 billion.

--Still no word from the Aussie banks...or the managed funds...or the hedge funds...or the pension plans...or the insurance companies...on whether or how much GSE debt they may own. Tick...tick...tick.


So, what will come out when the "tick"s end?

GZ