Phil & Eric’s Wizard Prang
So, congratulations then, Phil and Eric Bloom, and their material contribution to last week’s global credit market crisis which, on Friday, caused the Federal Reserve Board to not only crack the discount window at the New York Fed, but also invite, even solicit, applications.
For what, it transpires, was not the potentially systemic financial meltdown. But rather a good old-fashioned Ponzi scheme, built on nothing more complicated than the use of client assets as collateral for your own, as yet uncertain, ends.
NakedShorts is proud to award you your very own category (over there, on the right). NakedShorts is proud to have known you, back in the day. And NakedShorts will be prouder yet when Patrick Fitzgerald—you know, the Scooter Libby guy—gets done with the extraordinary rendition paperwork and puts you on a plane to that special CIA interview room in Cairo.
Or, as A. Slightly-Excitable Reader exclaimed on being allowed a preview of the SEC complaint filed in Chicago today (and linked below):
OH MY..not only are these guys CROOKS, but they are going to have a public beheading since THE FED HAD TO HIT THE GAS TO KEEP THE MARKETS FROM MELTING DOWN BECAUSE SENTINEL BLEW UP AND EVERYONE THOUGH THE SKY WAS FALLING.
One can only hope. Today’s coverage:
How did they think they could possibly get away with it, as the paper trail is so big and so obvious?
Posted by: Bob Morris | August 22, 2007 at 11:45