Posted on 01/17/2008 11:37:39 AM PST by fight_truth_decay
Soros Fund Management has appointed a former BlackRock co-founder, who left last month to start his own fund, as its new chief investment officer.
Keith Anderson stepped down as BlackRock’s chief investment officer for fixed income in December ostensibly to start his own fund. In his new role he will manage all investment activites at Soros Fund, according to a letter sent to Soros shareholders yesterday.
(Excerpt) Read more at financialnews-us.com ...
Jan. 17 (Bloomberg) reports a Blackrock investor, PNC Financial Services Group Inc., one of Pennsylvania's biggest bank by assets, fourth-quarter profits had fallen 53 percent on soured loans to home builders and costs related to its stake in BlackRock Inc. These Wall Street players have long made side bets, in ventures ranging from restaurants to racehorses, and backing a record label.
Merrill Lynch on Thursday (1/17/2008) reported a $9.8 billion loss for the fourth quarter, the largest quarterly loss in its 93-year-history, as troubles in the subprime mortgage market continued to take their financial toll."
The bank bought BlackRock in 1995 for $240 million and sold a stake to the public four years later. PNC was the second- largest shareholder of BlackRock after Merrill Lynch & Co. as of Sept. 30, according to Bloomberg data.
However, Soros has graciously opened his arms wide in welcoming Blackrock's chief investment officer, Keith Andersen" to oversee the Soros Quantum Endownment Fund.
Greenspan aka Robin Hood was supported by a band of financial merry men including Countrywide's Chairman Mozilo. On Feb 4th, in 2003, Mozilo delivered the John T. Dunlop Lecture at Harvard University( Leader Calls on Mortgage and Housing Industries to Address Homeownership Gap)urging:
" mortgage professionals, housing experts and others to address the obstacles that create an "intolerably wide" gap between minority and lower-income homeownership and what is classified as white homeownership."
Sounds scripted straight from Greenspan's same playbook.
The University of San Diego’s Burnham-Moores Center for Real Estate is holding its 12th annual real estate conference next week. The keynote speaker, or was? Angelo Mozilo, co-founder and CEO of Countrywide. Now a no-show. This had drawn displeasure from locals who formed a “Disinvite Mozilo” campaign. They had planned to protest the event, stating it is inappropriate for a university to bill an event on the state of real estate around a man some consider part of the problem.
The New York Post quoted one San Diegan as saying, “This is the same university whose law school hired Bill Lerach to teach a seminar on securities law last semester after he pled guilty…what were they thinking?”
Greenspan: "Subprime mortgages were and are risky, but they are worth it," Greenspan said, adding that is better to have a larger property owning class with a vested interest in the system."
"I'm terribly concerned that we would cut back on the availability of subprime that has enabled a very significant increase in mortgages among minorities in the United States," he added. "
"The problem was that people took that as a triple-A because ratings agencies said so," he said. Yet when they tried to sell the products they ran into difficulties, which shook confidence."
"What we saw was a 180 degree swing from euphoria to fear and what we've learned over the generations is that fear is a very formidable challenge," Greenspan said.
Ratings agencies such as Standard & Poor's Corp., Moody's Investors Service Inc. and Fitch Ratings have come under fire for being slow to lower their ratings on securities based on mortgage loans to U.S. borrowers with poor credit records (duh?).
The China Post reported: "Alan Greenspan, who helped increase housing prices with low interest rates as Federal Reserve chairman, will advise Paulson & Co., the hedge-fund firm that profited from the collapse of the U.S. subprime-mortgage market."
"The bubble that's bursting was very much a Greenspan-created bubble," Gabriel Stein, director of London-based economic forecaster Lombard Street Research, said Tuesday in an interview. "It's certainly fair that he should profit from its collapse."
Tips hat to www.calculatedrisk.blogspot.com
Mo money.
Sorros.. is soooooooooooooo yesterday. He and his moveon hate group are just that a hate filled group of left wing wackos.
That's wrong
What I meant to say was mo money laundering.
More broadly, rising home prices along with higher equity prices have outpaced the rise in household, largely mortgage, debt and have pushed up household net worth to about 5-1/2 times disposable income by the end of last year. Although the ratio of net worth to income is well below the peak attained in 1999, it remains above the long-term historical average. These gains in net worth help to explain why households in the aggregate do not appear uncomfortable with their financial position even though their reported personal saving rate is negligible. -Greenspan Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate February 16, 2005
Greenspan had Low Interest rates and Congrees demanded that lenders lend to Un-credit worthy people with NO MONEY DOWN!! This will COOK BUSH's GOOSE before one know's it!!
Don’t loan money to an unreliable relative unless you don’t care about getting it back. If you choose to do so, scratch it off as “a gift”.
So why would you loan money to a multitude of strangers with the same bad credit history? and expect to be paid back?
Theory of Relative
by fight_truth_decay
somewhere else I postulated that the economy unravels and great society promises sweep in the One Who Channels Eleanor Roosevelt's Spirit.
better download the text before it's completely sanitized from the archives.
No that is right it was in the WSJ Thursday. Paulson hired him to advise the coming on profiting from the subprime fiasco.
In the South sometimes we say things like “that’s just plain wrong” meaning immoral, unjust - not really “inaccurate.”
Gotcha. Grew up in Southern Indiana where that term is used in a similar fashion. It is much easier to get the meaning when spoken and you get the inflections.
Have a good one, redangus
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