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Herbst: Ratings Not the Only Factor in Corporate Investments

LEDYARD, Conn. -- Members United Corporate Federal Credit Union CEO Joseph Herbst told attendees at the corporate's Economic Forum here that unrealized losses are just that.

By Sarah Snell Cooke | Updated on June 10, 2008

LEDYARD, Conn. — Members United Corporate Federal Credit Union CEO Joseph Herbst told attendees at the corporate’s Economic Forum here that unrealized losses are just that.

Because corporates’ No. 1 job is to provide liquidity, Members United lists all of their securities as available for sale for accounting purposes, when in fact nearly all are held until maturity. He said if Members United had actually classified the securities as held to maturity, it would be reporting no unrealized losses right now.

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