Saturday, Jan 19, 2008
End of the property-based economy II: It's panic while New Star counts losses
Times: New Star plunges £110m amid property investors’ panic
"New Star’s value has fallen by more than 77 per cent in the past six months as fears increased over the climate in commercial property." Less than a year ago, do you remember the huge New Star adverts promising unbeateable returns from commercial property. You can trust brick and mortar!... yeah, sure, what can go wrong with brick and mortar?... you invest in solid, tangible assets... yeah, sure
Posted by confused76 @ 09:36 AM (307 views) Add Comment
1 Comment
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1. Jackas said...
John Duffied is worth half a billion pounds.
As an ex-fund manager who's career was in parallel and completely eclipsed by the rise of New Star "best of breed" I sat and watched in awe as my peers were ALL made instant millionaires when they floated back in 2005. The investors that funded this binge have lost anything from 65% to 85% of their investment.
The City never changes. Its always " different" each time to those naive enough to get sucked into the hype. It is quite simply just an exercise in transferring wealth from the many to the few. I am a staunch capatilist, but what has happened in the City and and Wall Steer over the last three years has been wrong, Just plain wrong.