Everyone Knew
Citigroup Inc. created a $2.5 billion mortgage-backed security called Bonifacius Ltd. in August as capital markets seized up and panic swept Wall Street.
The issue took the name of a general, called by historian Edward Gibbon the ``last of the Romans,'' who fought and died for a fading empire. The bonds were created from subprime home loans as demand evaporated. Within six months, Bonifacius collapsed as homeowners fell behind on their payments in record numbers.
The issue took the name of a general, called by historian Edward Gibbon the ``last of the Romans,'' who fought and died for a fading empire. The bonds were created from subprime home loans as demand evaporated. Within six months, Bonifacius collapsed as homeowners fell behind on their payments in record numbers.
posted by John Liberty at 12:26 PM
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Cutting and pasting ledes from Bloomberg articles can be fun!
Asian stocks fell this week, dragging the benchmark index to its biggest weekly decline in three months, on concern widening credit losses and rising fuel costs will hurt company earnings.
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