slightly older review of the super SIV,

[Spartacus]

A wrinkle I had not read before, which I should have guessed given the nature of banking - credit on top of leverage on top of gearing on top of no reserves

" Where investors such as SIVs and conduits have borrowed against these securities, the falling MtM value means finding money to top up the collateral or selling the securities, thus realizing the loss."

http://www.minyanville.com/articles/.../index/a/14518

And HSBC is doing something ahead of schedule

HSBC not waiting for Paulson's Super SIV
http://www.bloggingstocks.com/2007/1...ons-super-siv/

HSBC puts up $35bn to bring SIV funds on to its own books
http://news.independent.co.uk/busine...cle3198941.ece

HSBC SIV restructuring model offers alternative to super-fund
http://www.financialnews-us.com/?pag...tid=2449275039

[c1ue]

Re: slightly older review of the super SIV,

Somewhat irrelevant, but did you know one of the HSBC - SIV's was named 'asscher'?

I mean, really, Escher plus A*S? Quite an image.

Yes, I know it is supposed to refer to a type of diamond cut/diamond company, but still.