If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
From Bloomberg:
The company filed for Chapter 11 bankruptcy protection from its creditors today in federal court in Wilmington, Delaware. The largest creditors included Wall Street firms that financed New Century’s lending operations, including Morgan Stanley, Goldman Sachs Group Inc. and Credit Suisse Group. No amounts were listed in the filing.
“They’re clearly going to be the poster child for bad practices in the mortgage industry,” said Matthew Howlett, an analyst at Fox-Pitt Kelton in New York. “When all is said and done, the management team will be to blame.”
It sounds like Matt Howlett and I have the same line of thought in regards to how history will view New Century.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
Related posts:
Loading ...