Tuesday, Oct 09, 2007
Are you bent over comfortably? Right, then I'll begin......
International Herald Tribune: Record earnings seen for Goldman Sachs, based on hedge funds
"You've only seen the first round in the deterioration of the mortgage area," said James Melcher, president of Balestra Capital, a New York-based hedge fund with about $270 million of assets.
"The second round is just starting, and it's going to be worse."
Wait until people find out just what a synthetic CDO is and why there will be lawsuits until 2020 about this. I hope that these investment banks and funds are putting aside a large amount of money for their legal defences and settlements. This idea that this is a "storm in a teacup" is plainly wrong. This is a tsunami wrapped in an earthquake and sprinkled with bubonic plague.
Posted by lvmreader @ 04:59 AM (380 views) Add Comment
1 Comment
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1. Scunnered said...
"The real world is much better than what we're reading in the headlines," said Michael Holland, who oversees more than $4 billion at Holland & Co. in New York. "Many more billions are being made on the positive side than are being lost."
Now that really scares me.