Barron’s takes the creation of the recent Master-Liquidity Enhancement Conduit, or MLEC fund to task… stating that it will not stop the flood while called the size of the fund “a spit in the bucket” compared to the mountain of existing bad debt.
I discussed the formation of the Super SIV in an earlier post, observing that the credit market still has a bad case of the shakes:
Credit Market with the Jitters
http://hingefire.blogspot.com/2007/10/credit-market-with-jitters.html
The Barron’s article expands upon this with some interesting commentary.
$100 Billion Won't Plug the Leaky SIVs
http://online.barrons.com/article/SB119244948063659074.html
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