Friday, Jun 29, 2007
Bill Gross, head of the giant bond fund Pimco, blames the rating agencies for failing to price the risk correctly in the first place, saying they fell for tarts in "six-inch hooker heels".
TELEGRAPH UK: Credit crisis threatens markets as funds topple
A credit crunch is menacing world markets. As funds exposed to the US sub-prime debacle start to topple, contagion is quickly spreading through broad swathes of low-grade debt.
Investors have refused to stump up $4bn (£2bn) for the KKR buy-out of US Foods Service; Carlyle has pulled the float of a fund that planned to borrow $17bn to splash on sub-prime debt; and MISC gas tankers has delayed a $750m bond issue, to name just three.
Posted by chris @ 05:39 AM (32 views) Add Comment
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