Tuesday, February 19, 2008
Another steamer on the Big Shit Pile
This time from the once upon a time conservative Credit Suisse. Much of the $2.85 Billion loss is from CDO's and such but part of it comes from a curious problem for a swiss bank.
The internal review that identified mismarkings and pricing errors by a small number of traders in its Structured Credit Trading business was continuing, said the bank.A little too much lipstick on those piggies.
"The spooky bit is the mismarking, and the impression that the company is not on top of things," said another analyst at a U.S. bank in London.
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