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Debt vultures await desperate sellers

BOYD ERMAN

Globe and Mail Update

Latest comment posted at 8:02 PM EST 03/09/07

Cerberus, Fortress, Brookfield seek to buy asset-backed commercial paper at discount, markets watchers say ...Read the full article

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  1. Tax Haven from Small Town, Taiwan writes: Won't be so funny, wage-dependent smug Canadians, when you see your next pension or mutual fund statement...!
  2. Julius Varadi from Canada writes: ok, semi moderaded inhabitants of this earth.

    do all of you boys and girls understand that this whole issue means nothing more than what you have and what you do not have?

    if you have it, very good.

    if you do not have it, you have a problem.

    we are not going to pay for this problem.
  3. scott thomas from Canada writes: Yup, transfer of funds to the wealthy. The way it works.
  4. Teacher David from China writes:

    And I hear the circling vultures have the cash from the investors who pulled out when Flaherty closed the tax loophole on the investment trusts. Careful, you may have to pay tax again when you profit from vulturing.
  5. Phil S from Toronto, Canada writes: Are you kidding? At 50 cents on the dollar, that would mean that the "vulture capitalists" would be getting a 10% yield on the highest rated corporate debt on the market! Giddy-up! Where can I sign up?
  6. Jean-Paul Sartre from Canada writes: The invisible hand of the market got its fingers burnt this time. Ah ha ha...
  7. Yvonne Wackernagel from Woodville, Canada writes: Now, another first for Quebec which had the courage and skill and intelligence to step in with the creation of ABCP with its strategy to allow breathing room for some of these high-risk companies.

    This whole mess will take time to sort out and it would appear that most of these 'standbuyers' are waiting for our currency to get to par with the U.S., and this might just hurry things along. Any one who thinks they can call the shots at this time should examine their heads; I, for one, will not trust them.
  8. Zando Lee from Vancouver, Canada writes: .....the plump carrion fowl are always drawn by the stench exuded by the desperates in financial straights....
  9. Better to light a candle than to sit and curse the darkness from Canada writes: You hear it from time to time: "buy,buy,buy".................."borrow,borrow,borrow".................
    cry,cry,cry......................................and tomorrow, sorrow.
    CYMRO
  10. Rick Taves from Canada writes: Capitalism at its best.
  11. John McMortimer-Boyles from Undisclosed Underground Location Safe From Nuclear Attack, Canada writes: The greedy get their fingers burned.

    The vultures can bide their time. These carcasses aren't going anywhere, and while they wait for the despeate to liquidate their ABCP holdings at 70 or 60 or fewer cents on the dollar, the vultures can park their money in high grade commercial paper and earn a safe 4%.

    In some quirly way, it kind of reminds me of the greedy who got left holding the bag back in the mid 80s when Principal Group went down the toilet.

    As someone once said, a fool and his money are soon parted.
  12. Kim Morton from Qualicum Beach, Canada writes: The so called debt vultures are simply doing as we were taught in high school-buy low and hope you can sell high. Hopefully most of the greedy who created this mess get burned bad. My only sympathy is for the poor people who got conned into believing they could aford these overpriced mortgages in the first place.
  13. Brad B from Canada writes: Nothing to do with the greedy Anyone home owner who got into this mess needs a lesson in Finance 101. If you can't afford it, don't buy it
  14. Brad B from Canada writes: As for capitalism, without it you wouldn't have a job.
  15. Brad B from Canada writes: To the "Teacher David from China" - "you heard" has nothing to do with fact.

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