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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Tom Smith who wrote (136386)11/29/2001 9:56:48 PM
From: yard_man  Read Replies (1) of 436258
 
Tom,

AS I told a few others here my Dad invested in a local outfit here. They supposedly securitized auto loans and purchased 'credit insurance' to protect against losses. They had 'CD - like' accounts which always paid 2 to 3 % above real CD rates. Luckily my Dad was convinced to get out before the state securities folks investigated it.

All of these outfits go the same way -- the insiders milk, milk, milk while overstating results and downplaying the risks. Because they don't know WTF they are doing it always turns into ponzi ...

Recently I heard a news item on the radio about this outfit -- lawyers were trying to work something out with the bagholders -- sounds like they convinced them to take part in some new issue of equity rather than take .02 -.03 on the dollar for their investments. Isn't that f'n preposterous -- what are they going to issue equity on. They destroyed it all. A local hospital now owns their only real asset -- the office bldg they worked out of.

I saw a little bit of CNBC this morning while I was out -- that fat fellow was telling the other two -- "I don't want to hear any more about enron." I thought it was really funny -- this sort of thing and especially the prospect of a repeat, just gets in the way of the BULL-chit that they talk about all day long.

ENE is the beginning of the bursting of the credit bubble --this is no small event, IMO. One doofus said ENE is 'contained' -- you can sell that and take it to the bank. He's as wrong as he could be.
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