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Sapiens
11-30-07, 11:52 AM
“In a deflation, first one to defaults wins!”

I am still recovering since I heard the above quote. It was uttered to me by an investor at a reunion where we were renegotiating a default by a borrower.

Them under his breath he whispered: “Provided you have prepared Byzantine asset protection.”

Chutzpah!

jk
11-30-07, 12:13 PM
this is like the 2 rules for bankers:
1. don't panic
2. if people are going to panic, panic first.

Sapiens
11-30-07, 12:22 PM
this is like the 2 rules for bankers:
1. don't panic
2. if people are going to panic, panic first.

Interesting, then in effect the conundrum is to know when to pull the trigger.

Or to have have a big enough ****-up not to matter, at least not to you...which reminds me:


If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem. J. Paul Getty (1892 - 1976)