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Извиняюсь, если бОян. Just love their accent
Ещё понравились названия Bear Stearns hedge funds
"High Grade Structured Credit Strategy Fund"
"High Grade Structured Credit Enhanced Leveraged Fund"
http://www.youtube.com/watch?v=SJ_qK4g6 ... /parr.html
The Long Johns - The Last Laugh - George Parr - Subprime
транскрипт здесь :
http://www.financialsense.com/fsn/BP/2007/1103.html
JOHN: This summer there have been actual causes behind the volatility in the market specifically, and especially in America, granting vast numbers of mortgages to people who can't afford them, on properties which are diminishing in value
GEORGE PARR - BANKER: This is the so-called prime situation, yes.
JOHN: How does that work in fact?
GEORGE: Well, imagine if you can, an unemployed black man sitting on a crumbling porch somewhere in Alabama in his string vest. And a chap comes along and says, “would you like to buy this house before it falls down, and why don't you let me lend you the money.”
JOHN: And is this chap who says this, is he a banker?
GEORGE: No. No. No. He's a mortgage salesman. His income depends entirely on the number of mortgages that he can arrange.
JOHN: So his judgment to arrange mortgages is completely objective.
GEORGE: Completely objective. Yes. Absolutely.
JOHN: And what happens next?
GEORGE: Well, then this debt, this mortgage, is taken – bought by a bank – and packaged together on Wall Street with a lot of other similar debts. Without going into much detail about what is actually–
JOHN: Without going into any detail.
GEORGE: No, it’s far too boring.
And so this is put into a package of debt, and then moved on to Wall Street and this is – it’s extraordinary what happens – and then somehow this package of dodgy debts stops being a package of dodgy debts and starts being what we call a Structured Investment Vehicle.
JOHN: An SIV.
GEORGE: An SIV. Exactly.
JOHN: I see. And then someone like you comes along and – and buys it.
GEORGE: I buy it. Yes. And then I will ring up someone in Tokyo and say, “Look, I've got this package, do you want to buy it?” And they say what is it. I say I haven't got the faintest idea. And they say, “how much do you want for it?” And I say, $100 million and then they say, “fine, that's it.” And that's the market.
JOHN: Presumably this package, I mean that kind of thing can happen several times to the same package?
GEORGE: Possibly. Yes.
JOHN: And every time it does, of course, then you, or someone like you, will get a fee and a mark up, and so on...
GEORGE: And a profit. Yes. Well, you can’t expect us to do it for nothing. It's hard work.
JOHN: In view of the fact that in these packages is a lot of dodgy debt, what is it about it that attracts the financial risk takers?
GEORGE: Well, because these hedge funds as they’re called, which specialize in these debts, they all have very good names.
JOHN: You mean they are responsible companies.
GEORGE: No, no. It has nothing to do with their reputation. They have actually very, very good names. The names they think up are very good. I'll give you an example. There is a very well known American Wall Street firm called Bear Stearns who have two of these hedge funds which specialize in these mortgage debts. And they lost so much money – well, lost so much of its value – that Bear Stearns announced they would have to put in $3.2 billion into one of the funds to try and keep it afloat.
JOHN: 3.2 billion!
GEORGE: 3.2 billion. Yes. Yes. And even then they said the investors couldn't get anything out of it and they were going to let the other fund go. But one of these funds was called High Grade Structured Credit Strategies Fund and the other was called the High Grade Structured Credit Enhanced Leverage Fund. Well, that sounds very good.
JOHN: It sounds very trust worthy.
GEORGE: This is the magic of the market. What started off as lending a few thousand to an unemployed black man in a string vest has become a high grade structured credit enhanced leverage fund.
JOHN: I like the sound of it. It is good. It sounds very trust worthy. I mean, it’s got good words in it. It’s got words like High?
GEORGE: High is good. Better than low anyway.
JOHN: It is. Absolutely.
GEORGE: Yes. And structured is another good word.
JOHN: Very good. Enhanced.
GEORGE: I love enhanced. I'd buy anything if it said enhanced.
JOHN: Absolutely. Yes.
GEORGE: It might have been different if it had said The Unemployed Black Man In His String Vest Fund, but...
JOHN: Yes. Because alarm bells might sound...
But despite these very plausible names, surely the reality is that the people that lent all of this money have been incredibly stupid.
GEORGE: Oh, no. No. The reality is that what was stupid is at some point somebody asked how much money these houses are actually worth.
If they hadn't bothered to ask that question then everything would have gone on as perfectly normal. But unfortunately they did.
(ну и так далее)
http://www.youtube.com/watch?v=Z5VeNwG3 ... re=related
Subprime MeltdownI like money. I also like logic. Sue me.
И это не успокаивает...
