Saturday, January 19, 2008

End of the property-based economy II: It’s panic while New Star counts losses

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 (586 views)
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One thought on “End of the property-based economy II: It’s panic while New Star counts losses

  • 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.

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