Monday, Apr 16, 2007
Subprime! The legal onslaught about to be unleashed!
Bloomberg: Subprime Losers Blame Bear, Credit Suisse, JPM, Morgan Stanley
When Buck Meyer thinks about the $300,000 he lost after he bought a subprime mortgage lender's bonds, he doesn't hesitate to denounce financial titans Bear Stearns Cos., Credit Suisse Group, JPMorgan Chase & Co. and Morgan Stanley
Posted by tyrellcorporation @ 11:36 AM (186 views) Add Comment
4 Comments
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1. financial planner said...
"The company recorded as profit fees from administering mortgages that it would receive in coming years, using standard accounting rules,"
Crazy - just crazy. Why on earth is this still allowable?!!!
2. paul said...
"At what point did it become a Wall Street Ponzi scheme?" the investor asks.
Well, ask yourself the same question in the UK. About this time last year I'd say.
3. monty said...
Wow. That answers a long standing question of mine as to who was buying up these 21st century junk bonds. I'd always figured it'd be the hedge funds, not your average mom and pop investor.
4. tyrellcorporation said...
It beggars belief eh! The last time the average Joe got involved in share dealing we got the DotCom boom - and bust. When people ignore the fundamentals either through exuberance or ignorance things are headed for a fall!