One has to wonder at the motives for Kohlberg Kravis Roberts (KKR) and Och-Ziff, a hedge fund, to go public after a mediocre IPO earlier this year by hedge fund Fortress Investment Group (FIG) and a disappointing one by private…
“Don’t congratulate me when I buy something. Congratulate me when I sell it.” – KKR Founder Henry Kravis, quoted by Bill Seidman, CNBC Chief Commentator, on CNBC this morning in response to a question I sent him (video – my question…
“We’re talking about massive, massive downgrades here.” – Rod Dubitsky, Asset Backed Real Estate Debt Analyst, Credit Suisse, ranked #2 last year by Insitutional Investor magazine in his category “A lot of these should be downgraded sooner rather than later.” –…
Make no mistake: this week, as last week, is all about the blow up of the two Bear Stearns hedge funds heavily invested in subprime mortgage backed securities. And The Wall Street Journal, as usual, is to be commended for…
Whereas the previous two weeks (June 4-8 and June 11-15) were all about rising interest rates, this week was all about the blow up of two Bear Stearns hedge funds with heavy investments in subprime mortgage bonds. Fear that other…
“The fear is that this Bear situation is the tip of the iceberg and it could lead to other funds being liquidated.” – Todd Clark (subscription required), Director of Stock Trading, Nollenberger Capital Partners “There’s fear of further liquidations.” – Jeffrey…
“Negative sentiment took a firm hold of the [subprime bond] market” this past week. “We think the weakness in the ABX will continue.” – JP Morgan in a report from Friday June 15 In “Ills Deepen in Subprime Bond Arena”…
“You don’t understand what drives him. Money is the measuring stick.” – Arline Schwarzman (subscription required), Mother of Steve Schwarzman, on the subject of Blackstone’s IPO A few months ago Fortune ran a magazine cover with the picture of Steve Schwarzman,…
“The [consumer price index] is what spurred this rally. We lost a lot of the gains [to record highs] and now we’re getting them back.” – Jim Herrick (subscription required), Head Trader, Robert W. Baird So the Consumer Price Index (CPI)…
Last November, the voters of CA approved more than $37 billion in bond issuance to improve the state’s infrastructure. Next Monday and Tuesday retail investors will be able to place orders for $2.5 billion in bonds that go on sale…