SAN DIMAS, Calif. – The slow-going process of determining collateralized debt obligation (CDO) values and the effect of U.S. Central's losses is causing some corporates to delay December 2008 financials, or release them with an asterisk.
The $24 billion Western Corporate FCU's December unaudited financial statements report $57.8 million in year-end net income, but also $2.5 billion in unrealized losses. More importantly, WesCorp's Dec. 08 numbers do not include any other-than-temporary-impairments (OTTIs).
Chief Financial Officer Jim Hayes said he's waiting on data to accurately value CDOs, and is also awaiting the results of a portfolio-wide audit.
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