BNP Paribas Stops Pricing ABS funds

(Understatement) It really is not good when one of the major investment banks in Europe have to make announcements like this, stating that they are not able to value ABS-based securities due to "complete evaporation of liquidity in certain market segments of the US securitization market". Scary. When the markets took a knock last week, a few friends of mine were telling me that their companies made money by being long cash ..... novel idea.