A fine mess…

images-11.jpegWas just taking a peak at some of this afternoon’s filings when I came across this 8K filed by Morgan Stanley (MS) Loan Trust 2007-13. At just over 1,200 pages and with 19 different exhibits, it’s about as complex as filings get. And yet, it seems to crystallize exactly why we’re in the mess we’re in. Make that the mess that so many banks and Wall Street firms are in.

A quick skim of the exhibits names a rogue’s gallery of banks and finance companies — from Captial One (COF) to Wells Fargo (WF). No wonder an Ohio judge — as Gretchen Morgenson reported in today’s Times — is coming down hard on some of these companies. Given the complexity outlined in this one filing, who can figure out who really holds the paper?