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Credit and Lending
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Re: Risky lending impact could reach pensions
Posted by: jeffolie
Date: 02/24/2007 12:24PM
The pension funds are already directly and indirectly loaded up with subprime and Alt-A waste products. They have outsourced investing to private equity and hedge funds which are heavily infested with waste products. A New Jersey utility took a $208 million loss which is being passed on to its rate payers. Non transparent CDOs have pockets of these waste products. These waste products are festering again declining in value as shown in the derivatives that are being trashed (subprime down 31%; prime down 7.5%).
The damage is being done and the financial media just is not paying attention or is in denial.
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