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Posted on May 16, 2008

This is too ripe. From the Financial Times:ECB voices high concern over liquidity schemeBy Paul J Davies and Norma Cohen in London and Anousha Sakoui in ViennaThursday May 15 2008 17:45The European Central Bank on Thursday voiced its high concern at growing evidence that banks are exploiting its efforts to unblock the frozen funding markets by using its liquidity scheme to offload more risky assets than it envisaged.Yves Mersch, a governing council member, said the ECB was now looking very hard at whether there is not a specific deterioration of collateral which the central b...

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