We are hearing rumors that a major Wall Street broker is in trouble and could face funding issues. Our sources indicate that CFC, Countrywide, which is down another 18% today and its financial backers, ?, are facing a showdown with other professional traders who are moving the market against the positions. The rumors are that a hedge fund holds a major portion of CFC's debt and cannot get out.
We will update as we hear news from our Wall Street sources.