Thursday, Aug 09, 2007
A very good and quite funny article about subprime contagion
Dealbreaker: The Hot Zone of Subprime Contagion
This article revolves around a letter from the CEO of Hayman Capital Management, who have made 240% returns banking on a sub-prime bust. I can't deny that bits of it made me laugh out loud.
"There’s been a lot of talk around these parts of late about the “best” way to tell someone who’s given you money for your hedge fund that the money went away and isn’t ever coming back. There’s the James Cayne-method, which involves lies, deceptions and distractions via use of funds with 10 words in their name. The “I’m sorry, I’m sorry, stop yelling at me”-autistic rocking/crying way, made famous by Jeff Larson. And if Third Point ever sends such a note, we imagine it’ll be something along the lines of, “Jesus f***, people, we lost your money. Quit your bitching and move on.”
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