The Toxic Assets, a developing story

The toxic assets (and the Rip-Off) is a developing story.

Nouriel Roubini - Is Purchasing $700 billion of Toxic Assets the Best Way to Recapitalize the Financial System? No! It is Rather a Disgrace and Rip-Off Benefitting only the Shareholders and Unsecured Creditors of Banks

Tuesday, 21 October 2008
Pension funds holding toxic assets
The FT delivered more bad news about pensions. According to some research undertaken by a consultancy called Create Research, around 8 percent of global pension fund assets are taken up by toxic assets such as CDOs, CLOs, ABS and SIBs. Around "$700bn" of these assets "could be toxic."
"There is about $400bn to $700bn of this toxic waste sitting on the balance sheets of pension funds, especially in Denmark, Germany, France, Sweden, Japan and the US."

The Law,
Download the document(pdf - 451 pages) from the House Commitee on Financial Services: Emergency Economic Stabilization Act of 2008