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It is different this time

Meltdown Hits Britain's Mr Sub-prime

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http://business.timesonline.co.uk/tol/busi...icle2326620.ece

City stars humbled as meltdown hits Mr Sub-prime. Holly Watt and Louise Armitstead

THE multi-millionaire financier Martin Finegold, dubbed Britain’s “Mr Sub-prime”, has become one of the biggest public losers in the market meltdown.

His loss follows the near collapse of one of his quoted hedge funds, Caliber Global Investment. This fund, which is now worth only $40m (£20m), is heavily exposed to sub-prime mortgages in America.

The group’s net asset value, which is made up of asset-backed securities, has potentially lost 85% of its value, and shareholders are being asked to wind it up. The share price has fallen from $10 to $1.60 per share

Finegold made his fortune setting up Kensington, a specialist mortgage group that provides loans to people with unusual credit histories. He set up Cambridge Place with Goldman Sachs banker Robert Kramer in 2002

Good news! nice to see the corrupted lenders get to taste their own medicine but not a good news for Brown's debt-ridden miracle economy that needs 'cheap & easy' credit to survive.

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Well that's one way of putting it! :lol:

I wonder if Mr Finegold, will be joining the ranks of the people he built his fund on, a subprime borrower...? :lol:

Doubtless he'll get bailed out, unlike his hapless "clients."

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I wonder if Mr Finegold, will be joining the ranks of the people he built his fund on, a subprime borrower...? :lol:

Doubtless he'll get bailed out, unlike his hapless "clients."

and doubtless he's got millions salted away in untouchable offshore bank accounts too.

these people play the game for as long as they can then bail out and retire when the going gets tough.

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Guest Bart of Darkness
Martin Finegold, dubbed Britain’s “Mr Sub-prime”, has become one of the biggest public losers in the market meltdown.

<bulldenial>It'll bounce back next week.</bulldenial>

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