Bank Hapoalim, the second largest bank in Israel, sold its entire portfolio of MBS to Pimco for 75 cents on an already-written-dollar (or in this case, shekel). Note that the previous writedowns were at least $90 million on an portfolio valued before the sale at $3.42 billion.

Now why is this significant? Per a report to the London Stock Exchange on March 8, the Bank indicated that its portfolio was almost entirely AAA

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