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bear trader here.
ReplyDelete(I am not really a bear, nor a trader, just an everyday guy trying hard not to be more foolish than he can help.)
So, the Overture Center is insolvent. Broke. Facing foreclosure. They had plenty of money but put it all into the garbage financial instruments that made such money in earlier days for Wall Street.
This was really dumb. Anyone with half an active brain cell could see this credit crisis coming years ago. The idea that no one could see it coming is totally bogus; anyone talking like that is delusional or trying to escape a conviction for fraud.
(Fraud convictions require the prosecution to prove "intent", so anyone admitting that he could see this tsunami coming and was in some way responsible for another's losses is admitting to criminal fraud. Do you expect the Big Boys to do that? Heh.)
One thing is totally certain. Do not put your trust in princes, or politicians, either.