SIV News 11.14.07

1. Bank Discount accused of illegal tactics - Jerusalem Post - Nov 13, 2007
2. Paulson May Have Overstepped on sivs - New York Sun - Nov 13, 2007
3. What the 'Subprime' Mess Is Really About - Lew Rockwell - Nov 13, 2007 : "It’s really very simple: debt cannot be money, this whole debacle is showing emphatically that debt cannot be money. But the regime is built entirely on the principle that debt is money."
4. Firms prop up money-market funds By Gregory Lopes - Washington Times - Nov 13, 2007
5. Bank of America's ratings unaffected by expected Q4 CDO, SIV ... - CNNMoney.com - Nov 13, 2007
6. Behind the credit crunch - Guardian Unlimited - Nov 13, 2007
7. Fitch: Bank of America's Ratings Unaffected by Expected CDO & SIV ... - Business Wire (press release) - Nov 13, 2007
8. A Mismatch You Can't Afford - Forbes - Nov 13, 2007: "A major reason for the meltdown has to do with the timing of the cash flows within these SIVs. In basic terms, an SIV "borrows short" and "lends long." It borrows by issuing commercial paper--short-term obligations that have to be paid off in three to nine months. It invests (lends) by buying mortgage-backed securities and other instruments, which pay off over a longer period and carry more risk.The mismatch: You expect cash flows tomorrow, but you owe money today."
9. Leaking SIV's, Downgrades, B of A & Countrywide - Nov 13, 2007 - Mr. Naybob
10. DEALBREAKER AWARDS: AN EARLY WINNER! SIV PORTFOLIO WINS FOR HONESTY - Nov 13, 2007 - bt
11. Three Banks and Their SIV "Superfund" Baby - Nov 13, 2007 - Scott B. Wilson
12. Northern Rock: the core of the issue - Nov 12, 2007 - Tax Research LLP: "That bigger issue is this. Whether an entity is an SPV or an SIV makes little odds, the structure is broadly similar. A company is created to issue debt. It is legally owned by a charitable trust and that is supposedly controlled by professional trustees but in practice the whole arrangement is a set up, managed and controlled in practice by the entity whose debt the SPV or SIV issues (it makes no real odds at the end of the day which is which - and again I now I am simplifying issues). The reason it makes no difference is not because of the technicality of the debt, or the location of it on or off accounts. The problem is the charade within these structures, the only real difference between which is whether or not the charade is extended far enough to claim that the trustees do control the entity - which makes it an SIV, or not, which makes it an on-balance sheet SPV."
13. Citigroup to Support sinopac sivs, Taiwan Lender Says (Update1) - Bloomberg - Nov 13, 2007
14. Legg Mason, suntrust Shore Up Money Funds for sivs (Update3) - Bloomberg - Nov 13, 2007
15. blackrock's Fink Says Credit-Market Writedowns Will Increase - Bloomberg - Nov 13, 2007
16. Legg Mason, SunTrust Shore Up Money Funds for SIVs (Update2) - Bloomberg - Nov 13, 2007
17. UPDATE 1-Fitch may cut Citi's Sedna-managed SIV notes - Reuters
18. Fitch may cut Citi's Sedna -managed SIV note program - Reuters
19. UPDATE 1-Fitch, S&P cut ratings of Axon Financial SIV - Reuters
20. UPDATE 1-Citigroup rallies after bailout news, wide selling - Reuters
21. (AFX UK Focus) 2007-11-14 04:54 GMT: Bank of America's ratings unaffected by expected Q4 CDO, SIV charges - Fitch (Interactive Investor) - Nov 13, 2007
22. Bank of America's ratings unaffected by expected Q4 CDO, SIV charges - Fitch (FinanzNachrichten) - Nov 13, 2007
23. Fitch: Bank of America's Ratings Unaffected by Expected CDO & SIV Charges (FinanzNachrichten) - Nov 13, 2007
24. jpmorgan Says sivs Will `Go the Way of the Dinosaur' (Update1) - Bloomberg - Nov 13, 2007