Debt Rattle, July 30 2008: Mutilation of Old Money

National Photo Company Old Money Washington circa 1915"Miss Louise Lester, in charge of mutilation of old money at Treasury Dept." Ilargi: A wide overview today of what Merrill Lynch's CDO sale will mean for the rest of the banks and funds that sit on similar paper. Not pretty. Many banks will not be able to go that path and come out in one piece. The first $400 billion in writedowns was a lot