Run Away!

No Master-Liquidity Enhancement Conduit for Christmas. It's every bank for itself now. WSJ (12.21.07):

"The banks orchestrating a bailout of troubled investment vehicles that were hit by the subprime mortgage crisis are throwing in the towel after struggling to raise money for the planned fund, according to people familiar with the matter."

Banks to Abandon Super-SIV Plan

It all looked so promising just a few short days ago.

Perhaps the prospective pigeons investors were a little too skeptical. Couldn't convince 'em the word "gullible" wasn't in the dictionary, as they say.