Australian charities face A$2 billion subprime losses

The charities are suing investments banks for leading them into risky “investments” like CDOs yet, in a burst of spurious logic, claiming the loans aren’t impaired because they haven’t written them down yet.

Here’s a tip for the banks I learned when I sold rare rock and roll records. Forget the price guides. A rare record is worth what someone will pay you for it. Ditto for CDOs.