| Buddy, Could You Spare Us $15 billion?
Hence, after its move against Ambac, Fitch went on to cut no fewer than 137,500 bonds (including one issued by Arsenal football club). This is more than academic: holders of downgraded bonds have to mark them down under "fair value" accounting rules. Some, such as pension funds, may hold only the highest-grade securities, raising the prospect of forced sales. And, with fewer top-notch insurers to turn to, bond issuers' costs would rise. The loss of the AAA badge would cost investors and borrowers up to $200 billion, reckons Bloomberg, a financial-information firm. Banks that were active in asset-backed markets have multiple reasons to worry. Many not only used monolines to wrap their products but also bought protection from them through credit-default swaps (CDS).
Competing markets produce ill will
In addition to making recommendations regarding possible market hours, fees and rules, the steering committee took charge of managing private donations and using those funds to promote Festhalle."Once (civic) groups started seeing this project a lot of private donations came in," Simms said. "The city can't just take private contributions, so that money went to the steering committee. I think at one time (the committee) had around $40,000 in its account. That money is earmarked for promotion of the market and the Festhalle, such as paying for advertisements, billboards and radio spots."Williams, who also currently the vice president of Merchants Bank in Cullman, said the committee has between $25,000 and $30,000 in its bank account right now to use for promotion and advertising in the future.
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