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Old 11-04-2007, 09:22 PM
 
3,762 posts, read 7,227,617 times
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The CEO of Meryl Lynch was ousted for subprime losses.

Ex-Merrill Lynch CEO to walk out with $161M - U.S. Business - MSNBC.com

The CEO of Citygroup resigned this Sunday over subprime losses.

Bloomberg.com: Worldwide

Don't you worry for these guys. They will earn hundred of millions for screwing things up. A few months ago I posted a list of ARM reset schedule here. The bulk of these loans will reset in 2008. The pain has just begun. What's an investor to do? Inexperienced investors would do well to tread carefully or stay on the sidelines.

How could these highly-paid and seemingly smart executives be so stupid, you ask? Good question, but I am not smart enough to answer that. Speaking of stupid people. Here is a financial news clip on Fox I came across online. There is an individual I can't stand. This was the same charlatan who went on national TV a few months ago and told everyone that there was no subprime problem. Now he tells people the same story, and judging from the naivety I see here, folks actually listen to people like him. He is not Peter Schiff.

Euro Pacific Capital | Peter Schiff October 31 2007 Fox News - Fox Business News: Windows Media Player : Broadband (http://www.europac.net/Schiff-FBN-10-31-07_lg.asp - broken link)

By the way, you will hear about the Fed's lowering of rate. That was on Wed. They pumped $41B into the market, and the market tanked on Thursday. The Fed effect, it seems, is running out of steam.
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Old 11-04-2007, 09:37 PM
 
Location: in drifts of snow wherever you go
2,493 posts, read 3,068,089 times
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thanks, david, for posting all this!

greenie
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Old 11-05-2007, 02:28 PM
 
Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 5,496,835 times
Reputation: 1691
Default 78 pinto

Anyone ever seen a 1978, lime green, ford pinto that was traveling at 75 mph. Suddenly have all four wheels come off at once, and rolled over 150 times, then bust it's gas tank and exploded into flames.
Well That kind of what this citicorp and Myerill Lynch fallout thing look like. Actually our ecomomy my look like if the subprimes and some primes loans are as bad as I'm hearing.

By the way here what a 1978 lime green ford pinto to help you visualize the disaster.
http://www.fordpinto.com/images/Ypinto/Ypinto60.GIF (broken link)
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