Tuesday, Apr 29, 2008
You can polish it, mash it, paint it, dice it, grate it, mould it and apparently sell it - It's still s**t though!
Bloomnerg: Pandit's `Closer to End' Means No Escaping LBO Loans
Banks escaped about $65 billion of LBO commitments in the past four months in part by lending money to private equity firms such Blackstone Group LP's GSO Capital Partners and Apollo Management Inc. Wall Street is getting rid of the debt individually, in packages or placing it into structures such as collateralized loan obligations, which pool loans and slice them into pieces with various ratings to sell to investors.
``They're substituting one credit for another but they're still ultimately on the hook for the debt,'' said Robert Willens, a former managing director Lehman Brothers Holdings Inc. who runs a tax-advisory firm in New York.
Posted by tyrellcorporation @ 02:23 PM (487 views) Add Comment
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