Saturday, March 8, 2008
Credit market has collapsed
``Everything is telling you the financial system is broken,'' Simon, whose Newport Beach, California-based unit of Allianz SE manages the world's largest bond fund, said in a telephone interview today. ``Everybody's in de-levering mode.'' ``The single biggest concern right now is who's the next hedge fund to blow up, and how big are they,'' ``Traders are putting their phones down and backing slowly away from their desks,'' O'Donnell said today in a telephone interview. "