Thursday, May 3, 2007
Mortgage hedge-fund closed
UBS to shut top banker's hedge fund
Banking giant UBS is to scrap a hedge fund run by top banker John Costas after it racked up losses in the US mortgage market.
Posted by nearly30 @ 12:01 PM (496 views)
5 thoughts on “Mortgage hedge-fund closed”
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dohousescrashinthewoods says:
Big can o’ woopass gonna get opened.
One down and we haven’t even started the real trouble.
lvmreader says:
Muhuhuhahahaha
I remember UBS in the days when it was Swiss Bank Corporation IFD and right up to UBS Warburg.
This is rather LTCM-ish, but this time they bailed early.
sold 2 rent 1 says:
I agree. Early warning signs of what lies ahead.
royston says:
An awful lot of these hedge funds have borrowed money in Japan and invested it is mortgage backed bonds, mainly in the US. The yen is clearly being propped up – but by who and for how long? In any case, this is going to get very ugly very soon!
royston says:
Of all the investment banks, UBS will be particularly wary of traders whose promises seem too good to be true – they can’t afford another Rami Goldstein! You can read this one as the canary in the coalmine!