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From their recent SEC 10-K filing:
We face significant challenges due to adverse conditions in the non-prime mortgage industry, and we cannot assure you that we will continue to operate as a going concern.
That’s about as blunt as you can get. Not surprisingly the stock was off about 50%. The subprime market continues to destroy those who were heavily involved. More from Reuters, Bloomberg.
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
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