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The Financial Crisis in Perspective (Collection)
book

The Financial Crisis in Perspective (Collection)

by Satyajit Das Mark Zandi John Authers
May 2012
Beginner
1040 pages
27h 16m
English
Pearson
Content preview from The Financial Crisis in Perspective (Collection)

Epilogue: Nemesis

Nemesis—in classical Greek mythology, the goddess of retribution and downfall.

Marginal

“What the f**k do you think you are doing!” Uncertain whether the question was rhetorical, I replied: “Good to hear from you, Mailer.” “Are you acting for JR against us?” As it happens, I am acting for the administrator appointed by the fund’s investors. Earlier, I accompanied the administrators, the insolvency firm of Check & Charge Partners, to a meeting at Mailer’s employer. JR’s Leveraged Structured Credit Fund (LSCF) owns several billion AAA and AA-rated MBSs, CDOs, and CDO2s, funded 95 percent by money borrowed from Mailer’s bank.

The market value of the securities had fallen 50 percent, well below the level of debt. The bank wanted ...

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Publisher Resources

ISBN: 9780133087536