in lime light today: recession again
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Thursday, May 15, 2008

recession again

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clipped from money.cnn.com

The year of the vulture


The private equity firms that will thrive in the year ahead are those that know how to profit from others' misfortunes.


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One slide read, "The collapse of a major investment house," evoking groans - Bear Stearns had collapsed two weeks earlier. "End of the 'leveraged' era," read another. "Middle East investor buys major stake in a U.S. bank." The audience nodded along to this drumbeat of bad news, thinking about how the Abu Dhabi Investment Authority had poured capital into Citi. But before the conference could turn into a wake, Klein revealed that the stories were not from this past year ... but from 1990 and '91. The bank in question was Drexel Burnham Lambert, which was a casualty of the junk bond collapse. The Middle Eastern investor in Citicorp was Saudi Prince Alwaleed bin Talal bin Abdul Aziz al Saud.


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Posted by Pilo Gui at 7:44 AM
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