Sunday, March 2, 2008

Ooooh, yer b*stard!

Mortgage mess socks ex-Goldman Sachs stars

A smart bet on the collapse of the subprime housing market comes back to bite Geoff Grant and Ron Beller. Not long ago, Goldman Sachs alums Geoff Grant and Ron Beller looked like superstars. A prescient wager on the collapse of the subprime mortgage bond market generated last year a whopping 87 percent return for one of their hedge funds. The twosome, who run London-based Peloton Partners, aren't looking so shrewd these days. They've been forced to liquidate their once high-flying ABS fund after gambling big on a mortgage bond rebound that didn't materialize. The $1.8 billion fund's collapse comes after a series of recent trades dropped sharply in value, leading to margin calls from creditors that the firm was unable to meet.

Posted by lvmreader @ 09:41 PM (612 views)
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6 thoughts on “Ooooh, yer b*stard!

  • I guess you Goldman guys aren’t as smart as you thought you were. W*nkers.

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  • I’m sure the duo aren’t too bothered – they made a small fortune last year and they’ve already banked their profits.

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  • Not necessarily. They put money in to try and shore up the fund. And got hammered. Just 25 days ago, they were bragging in the FT about their 87% gain for last year.

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  • Oh dear. They were the last people to have any claim to have profited from this mess.

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  • japanese uncle says:

    This idot’s greed betting on others’ misery spectatularly backfired. What a pleasant reading! But I am afraid that the majority of the hedgefunds will be no more by 2010.

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  • japanese uncle says:

    Again these money-hungry idiots that are betting billions in the gambling house under the guise of ‘financial markets’ create no value, thus making no contribution to our society. They are sheer parasites and purely a social evil, nothing more than that. Eventually most of them must and will disappear from the surface of this planet. Having experienced what we will experience for the next few years, the speculative aspects of the so called financial business would be a thing of the past, as everybody should realise much of it is nothing short of cons. Financial business must shrink and reborn as an auxiliary industry to support the primary and secondary industries where gamblers will no longer be allowed exploit hardworking ordinary people.

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