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One last thing on MER...

Yes, we know they sold assets off $30B or so. Yes, they sold it at 22 cents on the dollar.
Yes, they financed 75% of the sale. Here's the nasty part,

The buyer is only on the hook for $1.68B in losses from what I understand, so if there is a further deterioration of the portfolio, MER is still on the hook!!!
From my perspective, this is simply just another off balance sheet hocus pocus attempt. Effectively isn't this what LEH did with the psuedo hedge fund with $7B in assets where the ex-employees were all high level guys that didn't terminate their retirement benefits and other packages????