As banks are unwilling to take risks or leave capital on the table, investors in 'cash-equivalent' preferred shares receive no bids for their shares.
``You've got $60 billion in which the holders believed until recently they could liquidate on par on demand and suddenly that $60 billion is frozen,'' said David Kotok, chief investment officer of Cumberland Advisors Inc. in Vineland, New Jersey, which manages $900 million in assets.
If the ABCP market was $30 billion, then this is it's bigger brother.
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