Thursday, September 18, 2008

Ugly Chart of the Day: And Then There Were Two

CDS spreads on Goldman Sachs and Morgan Stanley. Goldman at 620 over on CDS, and equity down 14% at today's close (having been down much more earlier in the session), both absolutely unthinkable a year ago (some would say it couldn't happen to a nicer group of people). Morgan Stanley (which is apparently talking to Wachovia and HSBC) at an even more unthinkable 998 over on CDS (i.e., roughly in line with a typical distressed cable/altnet company), with equity down 24% today. Double ouch...

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