posted
Paulson says Treasury close to deal to help struggling homeowners UPDATE 12.03.07, 11:57 AM ET
WASHINGTON (Thomson Financial) - US Treasury Secretary Henry Paulson said today that the Bush administration is very close to finding a way to help borrowers who can afford their mortgages at the lower initial 'teaser' rate, but who are unlikely to be able to afford their mortgages at the soon to be implemented higher rates.
Paulson said many borrowers that will not be able to meet these higher rates still have 'steady incomes' and clean payment histories, and said this is the group that stands the most to gain from any government-led effort to keep people in their homes.
Paulson is leading a government-industry led discussion that reportedly may include a proposal to freeze interest rates for this category of borrowers, but he did not specifically address these details today. http://www.forbes.com/markets/feeds/afx/2007/12/03/afx4397913.html if you can't afford to pay? you don't have to...
Chavez would be proud
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
the bailout concept is similar, but this situation is almost the opposite from the S&L crisis.. teh S&L's were losing money cuz they couldn't compete on interest rates to keep customers.. part of the reason for that was repressive regulation..
this time? the market has gone unregulated and has basically given money away....
here's the catch IMO... some of US run round shouting free markets at the top of their lungs, but the second they screw up? they start screaming for help.
the only reason there's a bailout coming is because too many high power stock market people have leveraged themselves 20 or 25 to one (or more) on the mortgage derivatives.
i don't wanna see people lose their home, but for crying out loud, Bush is more liberal than the Clintons or any Democrat we've ever had in the White House.
Dubya's policies, and this mortgage mess is HIS, (i can easily pull half a dozen references to back that up) created this mess...
sure, the market did the dirty deeds, but Bush was winking and nodding the whole way...
spend spend spend, it's good for the US econonomy
PS: our savings rate is still negative, and thats the only real fix. starting at CapitAl Hill
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
On that we can surely agree. There should be no bailouts for either the lenders or the borrowers. At some point, people and businesses should be responsible for their actions. If banks or investment funds are forced out of business, that's the way it should be.
posted
The sad fact is that had dubya appointed competent and honorable people (or had the the rubber stamp congress not accepted everything he did do) all along, this either wouldn't have been a problem or it would have been handled before it got so far along.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
| IP: Logged |
I hate to disappoint you, but the president didn't have anything to do with this issue. After 911 and the stock market bust, the Fed was far too free with money. That glut of low cost money caused the housing bubble. Lenders, flush with low cost money, became greedy and started lending money to people who were not creditworthy and allowed those silly no-doc (liar) loans. Many borrowers borrowed more than they could afford and were foolish enough to get those gimmick loans with introductory rates. Both of these groups screwed up and both should pay for their actions.
quote:Originally posted by Propertymanager: bdgee,
I hate to disappoint you, but the president didn't have anything to do with this issue. After 911 and the stock market bust, the Fed was far too free with money. That glut of low cost money caused the housing bubble. Lenders, flush with low cost money, became greedy and started lending money to people who were not creditworthy and allowed those silly no-doc (liar) loans. Many borrowers borrowed more than they could afford and were foolish enough to get those gimmick loans with introductory rates. Both of these groups screwed up and both should pay for their actions.
Mike
You really are a puppet of the administration's line of BS to plant propaganda to make the Great Prevaricator look good, aren't you?.
dubya could have appointed people in various administrative positions that could and would have brought to question and task what was being done by the financial industry. Could have if he weren't paying back favors to huge political contributors, that is.
The Senate could have and should have refused to rubber stamp and confirm his appointments until they had assured they were people that would not allow this or similar things to happen.
Congress, the House included, did not use its powers of investigation and to make statutes to insist that this mess be halted in its early days.
It is principally the fault of the republican party refusal to act responsibly and putting into the White House, then giving a free hand to, a really inadequate president....inadequate mentally, certainly, but morally even more so.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
| IP: Logged |
quote:Originally posted by Propertymanager: bdgee,
I hate to disappoint you, but the president didn't have anything to do with this issue. After 911 and the stock market bust, the Fed was far too free with money. That glut of low cost money caused the housing bubble. Lenders, flush with low cost money, became greedy and started lending money to people who were not creditworthy and allowed those silly no-doc (liar) loans. Many borrowers borrowed more than they could afford and were foolish enough to get those gimmick loans with introductory rates. Both of these groups screwed up and both should pay for their actions.
Mike
more excuses have been for Bush over 9-11 than i can count.
i am sick of it.
there are NO excuses. Bush has not hnadled the defining crisis of our time with any skill at all. cuz he doesn't have any to offer.
if a Captian of a submarine sufaces under the only ship within twenty miles and sinks it? nobody at NavCom says oh well, bad luck, or hey! why didn't that stupid sonar watch spot it ?
what happens is that the Captian of the Sub RESIGNS.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
OK property manger, since you don't seem to beleive me when i say Bush instigated this problem? i'll give you a few examples:
President Bush promotes home ownership during Tulare County visit President Bush brings message of hope to struggling community By BRIAN SKOLOFF, Associated Press Writer (Published Thursday, October 16, 2003, 12:55 AM)
President Bush chose a small Latino farming community pockmarked by blight and poverty and surrounded by dusty orchards and vineyards to deliver a promise to work toward making housing more affordable to the working poor.
Bush delivered a speech Wednesday to about 1,500 people at Ruiz Foods Inc., the nation's largest frozen Mexican food manufacturer and a company started by Mexican immigrants.
Calling the company "the embodiment of the American dream," the president explained his plans for housing Dinuba's people. Bush said he was trying to get through Congress a bill that would provide $200 million a year for a down-payment fund for low-income families.
i don't think he ever did get the money for people who cant afford houses to begin with into the program...
The response was striking partly because of where the speech was made. Though much of the nation's food is produced in and around this city of about 18,000, it suffers double-digit unemployment rates and many of its residents go hungry. Conway said the average annual income in Tulare County is about $24,000.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
hmmm.. even earlier than Oct: Bush promotes national minority home ownership plan - National Report - Brief Article Jet, July 1, 2002
President Bush set a new goal of helping 5.5 million minority families buy their own homes before the end of the decade, hoping to end what he called a "home ownership gap."
"The difference in home ownership between Anglo America and Black and Hispanic America is too big," Bush said at St. Paul AME Church in Atlanta.
The president recently was in the city to promote his home ownership program, which calls for the building of 5.5 million new homes for minorities before 2012.
The president challenged the private sector to join the effort to create more lower-cost homes. He proposes giving developers nearly $2.4 billion in tax credits over five years to build affordable single-family homes. The White House estimates the tax incentive could result in construction of 200,000 lower-cost homes in the period.
they built more homes alright, but htey weren't cheaper... they just ignored the income verification part of the credit aps...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
Bush seeks to increase minority homeownership By Thomas A. Fogarty, USA TODAY
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.
In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.
yeah, if you can't manage to save money today? maybe you can manage it tomorrow...
this one search yields so many hits i'm not gonna bother to post any more...
suffice it to say that when the bailout starts? home prices will start running up even faster (just like college tuition did when student loans were made easy to get) and nobody will be able to afford to buy a new house anyway...
this is a HUGE train wreck happening in slow motion....
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
Never let annoying facts or reality interfere with a solidly biased position.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
| IP: Logged |
posted
Every American owes nearly $30,000 as their share of soaring government debt
The Associated Press Published: December 3, 2007
WASHINGTON: Like a ticking time bomb, the U.S. national debt is an explosion waiting to happen. It is expanding by about $1.4 billion (€950 million) a day — or nearly $1 million (€680,000) a minute.
It breaks down to almost $30,000 (€20,000) in debt for each man, woman, child and infant in the United States.
Even those Americans who escaped the recent housing and credit crunches and are coping with rising fuel prices could still be headed for economic misery. That is because the government is fast straining resources needed to meet interest payments on the national debt, which stands at a mind-numbing $9.13 trillion (€6.19 trillion).
The national debt — the total accumulation of annual budget deficits — is up from $5.7 trillion (€3.86 trillion) when President George W. Bush took office in January 2001 and it will top $10 trillion (€6.77 trillion) sometime right before or right after he leaves in January 2009. http://www.iht.com/articles/ap/2007/12/03/america/NA-GEN-US-Nation-in-Debt.php 10 trillion?
that's $10,000,000,000,000.00 or 1 X 1013
according to the CIA? our GDP for '06 was only 13.16 trillion, or $43,500 per capita...
the Fearless Leader likes to say we're actually in less debt compared to GDP than ever before, but GDP has absolutely nothing to do with profit. It actually only represents total spending (including by the Govt)
our ability to bailout anybody using govt funds is ZERO.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
I had covered earlier, that Bush had announced plans to help borrowers avoid foreclosure. At the moment it was rhetoric as we didn’t quite understand what would be required of homeowners in order to qualify for the assistance.
Well, today those details have come. Big thanks to Credit****gers for breaking it:
It’s been tricky trying to find details about the FHA insured refinance plan President Bush announced last Friday. All we knew was that the plan could help 80,000 homebuyers who struggled with an ARM reset to refinance into lower terms.
An online Q&A session with HUD Secretary Alphonso Jackson cleared up a few points. The refinance program is being called FHASecure and to qualify a borrower must have:
A history of on-time mortgage payments before the borrower’s teaser rates expired and loans reset Interest rates must have or will reset between June 2005 and December 2008 Three percent cash or equity in the home A sustained history of employment Sufficient income to make the mortgage payment
Borrowers must also be occupants of the house they are trying to refinance and have a mortgage below the insured loan limit for your area ($263,150 in Arizona).
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
| IP: Logged |
posted
Look at some of the projections for Gov't RIF's ... starting with the Army and then the Marines. What does that tell you? Begining in Feb '08 if they don't get their chit together. Gov't civilians and contractors are in jeapordy imo. Not to mention thanks to the BRAC there are already strains. Lose more back up and spread the military even thiner.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
| IP: Logged |
posted
here's a good article that pretty much says what i've been saying since '04 on this:
Straight Talk on the Mortgage Mess from an Insider 12:11:23 PM December 6th, 2007 Permalink | Comments (98)
Even before this mortgage mess started, one person who kept emailing me over and over saying that this is going to get real bad. He kept saying this was beyond sub-prime, beyond low FICO scores, beyond Alt-A and beyond the imagination of most pundits, politicians and the press. When I asked him why somebody from inside the industry would be so emphatically sounding the siren, he said, “Someobody’s got to warn people.”
...Mark Hanson, a 20-year veteran of the mortgage industry, who has spent most of his career in the wholesale and correspondent residential arena —...
The Government and the market are trying to boil this down to a ’sub-prime’ thing, especially with all constant talk of ‘resets’. But sub-prime loans were only a small piece of the mortgage mess. And....
....How will they explain foreclosures in wealthy cities across the nation involving borrowers with 750 scores when their loan adjusts higher or terms change overnight because they reached their maximum negative potential on a neg-am Pay Option ARM for instance?
Sub-prime aren’t the only kind of loans imploding. Second mortgages, hybrid intermediate-term ARMS, and the soon-to-be infamous Pay Option ARM are also feeling substantial pressure. The latter three loan types mostly were considered ‘prime’ so they are being overlooked, but will haunt the financial markets for years to come. ...
Most sub-prime loans in existence are refinances not purchase-money loans. This means that more than likely they pulled cash out of their home, bought things and are now going under. Perhaps the loan they hold now is their third or forth in the past couple years. Why are bad borrowers, who cannot stop going to the home-ATM getting bailed out?
The ’second mortgage implosion’, ‘Pay-Option implosion’ and ‘Hybrid Intermediate-term ARM implosion’ are all happening simultaneously and about to heat up drastically. Second mortgage liens were done by nearly every large bank in the nation and really heated up in 2005, as first mortgage rates started rising and nobody could benefit from refinancing. This was a way to keep the mortgage money flowing. Second mortgages to 100% of the homes value with no income or asset documentation were among the best sellers at CITI, Wells, WAMU, Chase, National City and Countrywide. We now know these are worthless especially since values have indeed dropped and those who maxed out their liens with a 100% purchase or refi of a second now owe much more than their property is worth. .....Some of the most affluent areas in California contain the most Option ARMs due to the ability to buy a $1 million home with payments of a few thousand dollars per month. Wamu, Countrywide, Wachovia, IndyMac, Downey and Bear Stearns were/are among the largest Option ARM lenders. Option ARMs are literally worthless with no bids found for many months for these assets. These assets are almost guaranteed to blow up. 75% of Option ARM borrowers make the minimum monthly payment. Eighty percent-plus are stated income/asset. Average combined loan-to-value are at or above 90%. The majority done in the past few years have second mor....
posted
now you see why the Bush plan has the market cheering?
A history of on-time mortgage payments before the borrower’s teaser rates expired and loans reset Interest rates must have or will reset between June 2005 and December 2008 Three percent cash or equity in the home A sustained history of employment Sufficient income to make the mortgage payment
=
Some of the most affluent areas in California contain the most Option ARMs due to the ability to buy a $1 million home with payments of a few thousand dollars per month. Wamu, Countrywide, Wachovia, IndyMac, Downey and Bear Stearns were/are among the largest Option ARM lenders. Option ARMs are literally worthless with no bids found for many months for these assets. These assets are almost guaranteed to blow up. 75% of Option ARM borrowers make the minimum monthly payment. Eighty percent-plus are stated income/asset. Average combined loan-to-value are at or above 90%. The majority done in the past few years have second mor....
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
"In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans."
OH NO! The president wanted to help minorities become homeowners! Just another part of the vast right-wing conspiracy!
quote:Originally posted by Propertymanager: "In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans."
OH NO! The president wanted to help minorities become homeowners! Just another part of the vast right-wing conspiracy!
Mike
hmmmm..... you don't have clue how politics really works do you?
allow me to make a prediction. before Bush leaves office? you'll find the "bailout" is helping non-poverty people...
you see? when Bush said loosen credit requirements? he didn't mean just for the poor and non-white...
he meant loosen credit... and they did...
and if your response is Bush didn't know they would loosen credit across the board? then you are admitting he's an idiot.
i assert that he was looking for any and all ways to stimulate the economy as much as he could because he had to figger out a way to get money into the tax coffers without the dreaded "tax increase".....
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
since you remain unconvinced? i'll dig up a few different approaches to prove the same point:
WASHINGTON, Sept. 16 — After nearly two decades as chairman of the Federal Reserve, Alan Greenspan wants to solidify his standing in history... ...Mr. Greenspan unleashed bottled-up frustration about President Bush, Vice President Dick Cheney and Republican leaders in Congress who, he contends, put politics ahead of Republican goals like fiscal discipline and lower government spending....
...But in the interview, Mr. Greenspan seemed dismayed that leaders in his own party paid little heed to his pleas for spending restraint and for “pay-as-you-go” rules that would require Congress to offset the cost of new tax cuts with savings elsewhere. He repeated the conclusion about the Republicans’ loss of Congressional control in the 2006 elections: “They deserved to lose.”
http://www.nytimes.com/2007/09/17/business/17greenspan.html ...In his first term, Mr. Bush would rarely let a week go by without visiting a small business or a camera-friendly factory to extol entrepreneurship or the importance of tax cuts. But back at the White House, Mr. Greenspan got virtually no response to his advice that the president veto spending bills. Mr. Greenspan said he was told his recommendations would be “taken under advisement.”
His observations are in line with those of others who engaged Mr. Bush frequently, including the former Treasury secretary, Paul H. O’Neill, who was fired in December 2002. After the Sept. 11 attacks, they said, Mr. Bush would become animated and even passionate about counterterrorism or the war in Iraq. But they said that broader economic discussions bored him, unless he could take them to the factory floor.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
For Immediate Release Office of the Press Secretary December 20, 2006
Press Conference by the President
The unemployment rate has remained low, at 4.5 percent. A recent report on retail sales shows a strong beginning to the holiday shopping season across the country -- and I encourage you all to go shopping more.
and they DID! they whipped out their credit cards that they had just paid off with their 110% ARM refi's and maxxed them out all over again...
th equot is from the whitehousdot gov.. you can find it yourself... i encourage everybody to wander thru there more often...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
BUSH ECONOMIC POLICY, ANALYZED--New Republic
A cornerstone of Bush's domestic policy is his aptitude for economic giveaways that are supported by neither liberals nor true conservatives--indeed, that are supported only by those who profit from them monetarily or politically. Take the energy bill, which lavished subsidies upon favored industries. Not only did environmentalists and mainstream liberal economists denounce it, so did conservative scholars at think tanks like the Heritage Foundation and the Cato Institute. Everything you need to know about the politics and policy of the energy bill is contained within one sentence that appeared in The Washington Post last month: "The assembled lobbyists--representing farm, corn, soybean, wind, geothermal, coal, oil and gas interests that benefit from provisions in the 1,100 page bill-- gave [GOP Senator and energy-bill champion Pete] Domenici a standing ovation, and he thanked them for helping to push the legislation to the brink of passage, according to one person present."
Similarly, the Medicare bill, supposedly evidence of Bush's moderation, is in fact typical of his domestic agenda, which revolves around granting favors to powerful interest groups. Again, most of the major liberal and conservative think tanks opposed the bill. But the pharmaceutical companies were ecstatic with it: Not only does it subsidize drug purchases, it specifically prohibits the federal government from using its negotiating power to hold down the cost of the drugs it purchases. (Got that? Those who spend your tax dollars are forbidden from striking a good bargain with the drug companies.)
Abortion on rise under Bush's economic policy Catholic New Times, Nov 7, 2004
WASHINGTON, D.C. -- An independent study by an ethics professor at Fuller Theological Seminary who is also trained in statistical analysis finds that, contrary to popular assumption, abortion has risen in the U.S. during George W. Bush's presidency and that the increase is linked to economic policy.
"Under President Bush, the decade-long trend of declining abortion rates appears to have reversed," said Glen Stassen, Lewis B. Smedes Professor of Christian Ethics at Fuller Theological Seminary, a leading evangelical divinity school. Citing connections to rising unemployment and soaring healthcare costs, Stassen noted that "economic policy and abortion are not separate issues. They form one moral imperative." Using data from the Minnesota Citizens Concerned for Life, the Guttmacher Institute, and reporting by individual states, Stassen found that U.S. abortion rates declined 17.4 per cent in the 1990s to a 24-year low when Bush took office. Many expected that downward trend to continue under the conservative president, but Stassen found the opposite: 52,000 more abortions occurred in 2002 than would have been expected under the pre-2000 conditions.
toaday? we are seeing copper being stripped out of OCCUPIED dwellings and businesses at an alarming rate... crimes like that always go up when the economy tanks...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
Got a report out yesterday that all that money The Great Prevaricator has been spending on abstinance programs is being wasted, because the girls that swore they wouldn't 'til after they got married have been and their rate of being unwed mothers is just as great as the ones that didn't swear off doing it.
Maybe they are the ones causing the rise in abortion rates?
(My opinion is that abortion rates sorta tag along with the rate of people not seeing a bright future and their feelings that the economy will leave them behind, no matter what they do. The American dream is getting to be a bit of a horror flick if you weren't lucky enough to be born to fabulous wealth.)
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
| IP: Logged |
quote:Originally posted by glassman: some of US run round shouting free markets at the top of their lungs, but the second they screw up? they start screaming for help.
the only reason there's a bailout coming is because too many high power stock market people have leveraged themselves 20 or 25 to one (or more) on the mortgage derivatives.
truer words were never spoken
i wonder what the shortsellers are saying? i'd be kinda pissed
-------------------- "Gentleman, you have come sixty days too late. The depression is over." Herbert Hoover 1930 Posts: 678 | From: currently in hiding due to investigation | Registered: Oct 2004
| IP: Logged |
quote:Originally posted by glassman: some of US run round shouting free markets at the top of their lungs, but the second they screw up? they start screaming for help.
the only reason there's a bailout coming is because too many high power stock market people have leveraged themselves 20 or 25 to one (or more) on the mortgage derivatives.
truer words were never spoken
i wonder what the shortsellers are saying? i'd be kinda pissed
"truer words were never spoken"
I hope you have a Kit Kat Bar.....Cause you need to give me a break!!!
"Stock Market People" , with High Power, would have to have a high level of trust, which comes from a high level of trading ability and track record......."high power stock people" as Glassman calls them.........wouldn't leverage themselfs that much (25 to 1) investing in anything.....not even chickens that could chit gold bricks! Posts: 2321 | Registered: Aug 2006
| IP: Logged |
posted
"i assert that he was looking for any and all ways to stimulate the economy as much as he could because he had to figger out a way to get money into the tax coffers without the dreaded "tax increase"....."
OH NO! The president wanted to bring in tax money without raising taxes. What a sinister plot. He should listen to the socialists and take money from those that work hard and give it to those that are too LAZY to work. Now that's a plan for prosperity!
posted
Always ready to pass out another far right-wing b--- s--t platitude to make yourself sound credible, ain'tcha propertymanager.
That's not only b--- s--t and a screaming insult to people, it is so old hat it is boring.....boring, ya know, like hearing a monkingbird mimic a squealing windmill shaft....interesting he can do it at all, but you soon realize he has no idea the damned windmill isn't communicating with anything, doesn't have the ability to communicate and never did, and he keeps it up anyway. dozens of hours later' perched up high so he can broadcast the nonsense further, at three AM the sound of that squealing shaft is a bit more than just boring.
It's time for even you realize that dubya and all of his posing and squealing mimicing of things not sufficiently backward to please the neo-cons and the evangelicals is a huge political lie.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
| IP: Logged |
"high power stock people" as Glassman calls them.........wouldn't leverage themselfs that much (25 to 1) investing in anything.....not even chickens that could chit gold bricks!
you're joking right? just because they don't carry the margin trades for long periods of time? don't think they aren't maxxing out in the day and short swing trades..
Margin peaked this year *in July* at $381.4bn that's more than double from Jan 2004...
the mortgage backed notes were used to generate all that extra margin, then? the bottom fell outof the value of those notes *in July*....
that's when the DOW peaked *in JULY*...
how do you think hedge fund managers manage to get paid so well, and pay their "customer mebers" ?
i'm talking real high power here, not guys with a million$ in their etrade account...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
| IP: Logged |
posted
Nearly half the 45 new members, says Forbes, “made their fortunes in hedge funds and private equity. Money manager John Paulson joins the list after pocketing more than $1 billion short-selling subprime credit this summer.”
-------------------- "Gentleman, you have come sixty days too late. The depression is over." Herbert Hoover 1930 Posts: 678 | From: currently in hiding due to investigation | Registered: Oct 2004
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Roll Eyes]](rolleyes.gif)
![[Big Grin]](biggrin.gif)
![[Wink]](wink.gif)
![[Eek!]](eek.gif)
