Template:SIV - FWMD

Top Trumps^®Financial Weapons of Mass Destruction^®

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SIV

“You give me that “Duration-My-Mismatch” crap, you can cram it your ass.”

Docs	Fund constitutions, prospectuses, commercial paper programmes, IMAs, subscription agreements, redemption gates: documentation galore, though none of it makes a damn of difference when the market won’t roll your paper.	7
Amendability	Nope. It’s CP. If you don’t like it, don’t roll it.	0
Collateral	Yeah well here’s the problem. Portfolios of mortgages. Secured, collateralised, diversified... and as illiquid as hell. Extra points for looking safer than it was.	8
Transferability	Some, in theory, but it is CP. It redeems in a month. Why transfer it? Just let it roll off.	5
Leverage	Not levered, as such, but a means of providing leverage. When you most want your money back, fast, you are least likely to get it.	8
Fright-o-meter	Before 2007: We have allocated risk to those in the market best placed to bear it. After: ARMAGEDDON.	10