Politics
Out of context: Reply #11964
- Started
- Last post
- 33,770 Responses
- ukit0
Republicans finally recruit a candidate to run for Senate in New York - the former Chief Economist for Bear Sterns, the investment bank that collapsed in 2008 for making too many subprime loan investments.
"As of November 30, 2007 Bear Stearns had notional contract amounts of approximately $13.40 trillion in derivative financial instruments, of which $1.85 trillion were listed futures and option contracts. In addition, Bear Stearns was carrying more than $28 billion in 'level 3' assets on its books at the end of fiscal 2007 versus a net equity position of only $11.1 billion. This $11.1 billion supported $395 billion in assets, which means a leverage ratio of 35.5 to 1. This highly leveraged balance sheet, consisting of many illiquid and potentially worthless assets, led to the rapid diminution of investor and lender confidence, which finally evaporated as Bear was forced to call the New York Federal Reserve to stave off the looming cascade of counterparty risk which would ensue from forced liquidation."
Yup, this is the guy Republicans pick to represent you in the Senate. The guy who tanked one of the largest financial institutions in the world.
TEABAGGERS UNITE®