Saturday, Dec 15, 2007
Casino economy at it's worst
Sky News: Bankers Make £2bn From Mortgage Slump
Three New York traders are celebrating one of the biggest profits in Wall Street history after making a £2bn bet that sub-prime mortgages would fall in value.The trio at Goldman Sachs, the US investment bank, watched their winnings grow as the rising numbers of mortgage defaults caused chaos in a worldwide financial crisis.
Posted by jack c @ 04:39 PM (434 views) Add Comment
5 Comments
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1. Landedgentry said...
Nice trade.
2. jack c said...
Interesting that the Treasury has made it’s own financial adviser (Goldman Sachs) on the N Rock affair available to now find funding for the troubled bank that would replace some of the £26BN of Tax payer backed loans. (See BBC website)
Vince Cable and a few others were worried that the BOE loan would not be repaid in full – so her is a break down on how it will now be repaid.
Huge bet that FTSE 100 will fall by 3% in Jan 2008 = £6bn
Enormous bet that FTSE 250 will fall by 7% in Jan 2008 = £10bn.
Double or Quits bet that Rhydian wins X factor = £4BN
3 way reversible accumulator that Lord Lucan will be Riding Shergar in the London Olympics = £6BN.
Job done
3. paul said...
Good luck to em. Goldmans Sachs always were the smartest bankers in the city.
I'm fairly reliably informed that right now, they are shorting the UK property market too.
4. Stevie Dee said...
jack c, you really have not seen nothing yet... i'm already making preparations.
5. inbreda said...
So am I using igindex.co.uk
laugh all the way to the bank... errr, actually I think I'll stash it under the mattress in used fivers.... errr, gold.