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Hedge Expert Says Most Banks Now Insolvent
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<blockquote data-quote="kathaksung" data-source="post: 41317135" data-attributes="member: 542"><p><strong><span style="font-size: 15px">HEDGE EXPERT SAYS MOST BANKS NOW INSOLVENT</span></strong></p><p><strong><span style="font-size: 15px"></span></strong>FINANCIAL TIMES: </p><p>A Californian hedge fund has made more than 1,000 per cent return this year by betting against US subprime home loans, making it one of the world's best-performing funds of all time.... </p><p>...However, Mr Lahde, whose fund is one of the smallest specialists shorting subprime, has now begun to return money to investors, telling them in a letter: "The risk/return characteristics are far less attractive than in the past."</p><p> </p><p>In his letter, Mr Lahde said he expected the collapse in value of subprime mortgage-linked securities to be repeated for bonds backed by commercial property loans in a deep recession � which he also predicts.</p><p> </p><p><strong><span style="font-size: 15px"><span style="color: #ff0000">"Our entire banking system is a complete disaster," he wrote. "In my opinion, nearly every major bank would be insolvent if they marked their assets to market."</span></span></strong><span style="font-size: 12px"> He also said he would be putting some of his own profits into gold and other precious metals... <u><span style="color: #0000ff"></span></u></span></p><p><span style="font-size: 12px"><u><span style="color: #0000ff">[*] <http://www.ft.com/cms/s/0/7b6160be-9b80-11dc-8aad-0000779fd2ac.html?nclick_check=1></span></u></span> </p><p>Of course, gold has already spiked to $825/oz so it may not go too much higher... but we know one thing, that unlike the dollar, it is unlikely to go down, or even worse, unlike some banks, disappear altogether.</p><p><span style="font-family: 'Arial'">Are the banks next?</span></p><p> <span style="font-family: 'Arial'"></span></p><p><span style="font-family: 'Arial'"></span><u><span style="font-family: 'Arial'"><span style="font-size: 10px"><span style="color: #0000ff">http://www.bloomberg.com/apps/news?pid=20601087&sid=aDdJ4GDZ6eao&refer=home</span></span></span></u></p><p><u><span style="font-family: 'Arial'"><span style="font-size: 10px"><span style="color: #0000ff"></span></span></span></u></p></blockquote><p></p>
[QUOTE="kathaksung, post: 41317135, member: 542"] [B][SIZE=4]HEDGE EXPERT SAYS MOST BANKS NOW INSOLVENT [/SIZE][/B][SIZE=4][/SIZE]FINANCIAL TIMES: A Californian hedge fund has made more than 1,000 per cent return this year by betting against US subprime home loans, making it one of the world's best-performing funds of all time.... ...However, Mr Lahde, whose fund is one of the smallest specialists shorting subprime, has now begun to return money to investors, telling them in a letter: "The risk/return characteristics are far less attractive than in the past." In his letter, Mr Lahde said he expected the collapse in value of subprime mortgage-linked securities to be repeated for bonds backed by commercial property loans in a deep recession � which he also predicts. [B][SIZE=4][COLOR=#ff0000]"Our entire banking system is a complete disaster," he wrote. "In my opinion, nearly every major bank would be insolvent if they marked their assets to market."[/COLOR][/SIZE][/B][SIZE=4][COLOR=#ff0000][/COLOR][/SIZE][SIZE=3] He also said he would be putting some of his own profits into gold and other precious metals... [U][COLOR=#0000ff] [*] <http://www.ft.com/cms/s/0/7b6160be-9b80-11dc-8aad-0000779fd2ac.html?nclick_check=1>[/COLOR][/U][COLOR=#0000ff][/COLOR][/SIZE][SIZE=3] [/SIZE] Of course, gold has already spiked to $825/oz so it may not go too much higher... but we know one thing, that unlike the dollar, it is unlikely to go down, or even worse, unlike some banks, disappear altogether. [FONT=Arial]Are the banks next? [/FONT][U][FONT=Arial][SIZE=2][COLOR=#0000ff]http://www.bloomberg.com/apps/news?pid=20601087&sid=aDdJ4GDZ6eao&refer=home [/COLOR][/SIZE][/FONT][/U][FONT=Arial][SIZE=2][COLOR=#0000ff][/COLOR][/SIZE][/FONT] [/QUOTE]
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