Saturday, Dec 15, 2007
Front page shocker for indebted homeowners.
Independent: The $4bn killing
House prices are crumbling on both sides of the Atlantic, growing numbers of homeowners face repossession, financial markets are yo-yoing and the UK saw its first run on a bank in living memory. But for three audacious New York traders it all added up to a $4bn (£2bn) profit opportunity and the biggest jackpot in the history of Wall Street.
Posted by planning4acrash @ 05:41 PM (276 views) Add Comment
2 Comments
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1. Icarus said...
The crux is buried away in the article; Goldman was "aggressively pushing sub-prime mortgages they knew to be of concern (read 'carcinogenic') while simultaneously shorting mortgage derivatives" and its "aggressive bets against the mortgage market have exacerbated problems in the financial markets". It underwrote junk issues into the market, shorted them on a massive scale, played a large part in the current financial turmoil and made itself lots of money.
2. wiltshire said...
What gets me is how come the rest of Wall Street and The City haven't done anywhere near as well as these 3 at one company? Jesus, there's dozens of people who post regularly on this site who could see what was unfolding months (well, years really) ago.