Debt protection costs soared around 160 basis points on Tuesday.
It costs 900,000 per year to insure $10 million. Almost 10 percent. So except for FHLBs, no one is going to lend to them.
No wonder the stock has gone from $13.82 to $9 in just last week. Today, it tested lows of $8.21 before moving up. I wonder if Bill Miller still thinks this is good crap to buy.
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