Friday, October 26, 2007

Kicking through the slush


Here's something from Seeking Alpha about the proposed new post-subprime mess bank rescue fund, the "Master-Liquidity Enhancement Conduit" or MLEC for short.

The way I remember this acronym is to imagine (falsely, of course) that MLEC stands for Merrill Lynch Emergency Cash.

By the way, Joseph Heller pointed out in Catch-22 that "enhance" does not mean "increase", it means to make something stand out against a background. No Sackerson Prose Prize for this $75-billion mealy-mouthed monicker: too much perfume in it, not enough soap.

2 comments:

  1. AntiCitizenOne26 October 2007 at 22:54

    Citibank get an 23A exemption involving their UK brokerage!

    http://www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2007/20071023/20071023.pdf

    It's citibank that's the zombie bank.

    ReplyDelete
  2. Sackerson27 October 2007 at 05:59

    Thanks, ACO: does this mean Citibank is preparing to pump money into its UK subsidiary?

    ReplyDelete

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