The Seattle Times Writes "County could lose millions because of credit downgrade"

Sep 05 07

The Seattle Times Writes "County could lose millions because of credit downgrade", saying "The nation's subprime-mortgage crisis has slammed into the halls of local government." King County, Washington removed a troubled investment in Mainsail II, which was downgraded last week, from the $4.1 billion King County Investment Pool. "Mainsail and Cheyne [which the pool also owns] investments are 'SIVs lite' -- or structured investment vehicles whose underlying assets are less diverse than those of other SIVs," says the paper.

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