How Sub-Prime and Alt-A Mortgage Markets Are Behaving Like NFL Draft Picks

Did you see the BNP Paribas press release last week that said it's halting withdrawals from some of its funds? My favorite part is how blunt the first sentence is below (bold added for emphasis):"The complete evaporation of liquidity in certain market segments of the US securitisation market has made it impossible to value certain assets fairly regardless of their quality or credit rating."In other words, BNP stopped allowing withdrawals because it has aucune idée just what it's holdings are...