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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Box-By-The-Riviera™ who wrote (337194)6/22/2007 4:24:00 PM
From: Tommaso  Read Replies (2) of 436258
 
"How do you know the what the market is if you haven't sold anything?" (more or less quoted from the conference call).

Answer was reasonably candid (about 20 minutes into the call). "[Values] have certainly declined considerably . . . beaten down to a pretty low level . . ."

Looks like Bear Stearns is putting its own cash on the line.

Well, looks like they might end up owning an awful lot of overpriced, upside-down, real estate. Cracked foundations, roaches on one end of the spectrum, granite counter tops, Jacuzzis, etc., on the other.

Bear Stearns had put in $35 million. Now they must provide $3.2 billion. Close to 100/1 leverage?
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