Jesus, Mr. Gekko, where does it end? It seems that the wickedness of our major lending institutions reaches further than may have been previously forecasted. Beyond the home mortgage market, beyond the urban multifamily market, to a new class of folk: people in need of financing for new homes and condominiums. Poor babies.
Evidently, bad debt doesn’t discriminate; it recognizes not race, gender or social status. Nobody can say where the floor is because everyone’s crap assets are suspect.
Is it just me or is it more than a little satisfying that these King of the Universe bankers are having to swallow such enormous write downs?
(from the Wall Street Journal. photo: Michael Douglas as Gordon Gekko, from Wall Street)
Tags: banking, housing market, Predatory Equity, Predatory Lending, Wall Street
June 6, 2008 at 4:36 pm |
[...] Jeremy wrote an interesting post today onHere’s a quick excerpt Jesus, Mr. Gekko, where does it end? It seems that the wickedness of our major lending institutions reaches further than may have been previously forecasted. Beyond the home mortgage market, beyond the urban multifamily market, to a new class of folk: people in need of financing for new homes and condominiums. Poor babies. Evidently, bad debt doesn’t discriminate; it recognizes not race, gender or social status. Nobody can say where the floor is because everyone’s crap assets are suspect. Is it just me or is it more than a little satisfying that these King of the Universe bankers are having to swallow such enormous write downs? (from the Wall Street Journal. photo: Michael Douglas as Gordon Gekko, from Wall Street) [...]