• Shares of trust bank and asset manager State Street Corp (STT) slumped as much as 22.5 percent on Thursday on concerns of losses in its investment portfolio. (that was written at 11:48 AM - this market moves fast, it doubled that loss within 90 minutes)
• "With the disruption in capital markets that we are seeing, there's a concern that State Street's investment portfolio may have greater mark-to-market issues than earlier anticipated," said Gerard Cassidy, analyst at RBC Capital.
• "Additionally, there's going to probably have to be 'other-than-temporarily-impaired' charges on their investment portfolio in the quarter. Investors are taking the approach that shoot first, ask questions later. That's the reason the stock is off as much as it is today," Cassidy said.

• In response to questions received today from media and other sources, State Street Corporation (NYSE: STT - News) confirms that, as previously disclosed, it does not believe consolidation of its conduits is required. State Street confirms that even if it had to consolidate its conduits, it would remain well capitalized with ample sources of liquidity. The company raised $2.8 billion in equity capital in early June 2008 and does not currently have any plans to raise additional equity.
• The net asset value (NAV) of State Street Global Advisors’ money market funds has never declined below $1, including in its Short Term Investment Fund (STIF), Government Short Term Investment Fund (GSTIF) and the Navigator Securities Lending Trust, a registered fund that is used in connection with collateral management for State Street securities lending program. These funds do not have any unsecured exposure to AIG, Lehman, Washington Mutual, Wachovia, Merrill Lynch or Morgan Stanley.
• State Street for its own account does not hold any equity positions in unaffiliated financial institutions. The company is often reported to be an owner of many issuers because of its position as a large custodian and a large index fund manager.

I think denials and clarifications mean nothing in this market. People will say they are lying and it's obviously going to $0 as the credit default swaps are widening. It's a sick world.

Position: Do not let the women and children near this stock market. Or the men.