Thanks, But No Thanks....

One of the more trenchant observations to come out of the subprime debacle so far. Via Bloomberg:

Former Federal Reserve Chairman Alan Greenspan is among critics who say SuperSIV may do more harm than good by delaying the need for investors and SIVs to absorb subprime losses.

Loomis Sayles & Co. declined to invest after receiving one of 16 invitations for a meeting earlier this month with current Fed Chairman Ben Bernanke, said Daniel Fuss, who oversees $22 billion as chief investment officer at the Boston-based firm. The Securities Industries Financial Markets Association trade group extended the invitations, Fuss said.

The meeting was a general session initiated by the trade group to discuss current market developments and led to "some very candid give-and-take," said Richard Hunt, SIFMA's senior managing director for government relations. Spokeswoman Michelle Smith at the Federal Reserve confirmed the meeting took place.

"It's so nice to get a personal invitation to go to Washington and have a one-hour visit with Ben Bernanke," said Fuss, who decided participating wasn't worth the risk to his firm. "Oh, boy, did I feel important for about 27 seconds, and then you smell a rat."