| Fannie in Her Own Words
It just means that there are a lot of other securities below it, which will absorb initial losses. The danger is that this cushion is not much protection if the underlying collateral turns to dust... The latest Citi blow contained three scary nuggets. The first is nobody really knows where the CDO debacle will lead. The complexity of valuing these things - not just how the cash from the underlying collateral gets divvied up but how the the default rates of the different securities correlate - was underscored by the $3bn range Citi attached to its potential hit. The second is that the scale of the mess could be even greater since there are many synthetic CDOs out there referencing the cash CDOs. Lastly, Citi added yesterday for good measure that all it had detailed was its direct exposure. Along with others, it may have offloaded credit risk to bond insurers.
Internet Newegg's Scrambled Cyber Monday Promotion
Newegg generally has a good reputation with the technology community. The company rose to prominence around the turn of the century for its lightning-quick FedEx Super Saver shipping and its excellent customer support. Over the past few years, the company has done much to maintain its reputation with enthusiasts and still manages to hold on to a Reseller Rating of 9.90. However, Newegg has found itself embroiled in a testy dispute over a promotion it offered on Cyber Monday. The promotion was held in conjunction than with everyone's favorite whipping boy: PayPal. On Monday, Newegg offered a promotion where customers who purchased merchandise from the site using PayPal would receive 20 percent cash back. The promotion was to start on Monday, November 26 and end on November 28. Under the terms of the promotion, Newegg stated that "The cash back payment will be deposited into your PayPal account by January 31, 2008." According to Newegg's terms and conditions for the promotion, the 20 percent cash back was limited to a maximum of $50 USD.
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