Later - Oh look! Mr. Nikkei is taking the news so well!
Courtesy: Yahoo Japan FinanceTuesday, November 13, 2007
I wonder what Mr. Nikkei is saying today
The only reason this bit of nastiness might be considered Japan-related news is because Japanese banks have a sad tradition of doing next to no due diligence and are suckers for a gold-plated reputation.
Later - Oh look! Mr. Nikkei is taking the news so well!
Courtesy: Yahoo Japan Finance
Later - Oh look! Mr. Nikkei is taking the news so well!
Courtesy: Yahoo Japan Finance
Hmm. "global collateralized debt obligations"...
ReplyDeleteI'm betting Japanese banks have dodged the bullet on this one, just like they did on the subprime loans. MOF would never have let them go in in a big way. Nomura, the only Japanese financial institution that has been willing and able to go out there to play with the big boys, may not be so lucky.
The half-percentage point drop, if attributable to the downgrade (seriously, have those guys learned a lesson from the subprime loan fiasco or what?), is most likely "yet another big pile of melting cowchips falling on Wall Street".