More Good News
Mar 6th, 2008 at 5:15 pm by Susie
Wasn’t it great, having a Harvard MBA in charge for the past eight years? Things are better than ever:
NEW YORK (Reuters) - Global credit turmoil deepened on Thursday as bankruptcy fears and margin calls spilling over from the troubled mortgage sphere sent frantic investors heading for safety.
The latest round of distress in credit markets came on fresh signs that the mess in the U.S. mortgage market and the resulting credit crunch are still sending ripples through the financial sector.
Attention centered on Thornburg Mortgage Inc (TMA.N: Quote, Profile, Research) on worries the “jumbo” mortgage lender might go bankrupt after its failure to meet a margin call triggered defaults under other lending agreements.
Also making headlines, a Dutch-listed affiliate of private equity firm Carlyle Group CYL.UL has not been able to meet some margin calls and has received a notice of default, it said.
And in more news:
Mounting Credit Market Fears Sting Indexes
Thornburg Plummets on Bankruptcy Worry
Oil Falls from Record Near $106 on Profit-taking
Gold Retreats from Record High on Profit Taking
Dollar Plummets as ECB Dashes Rate Cut Hopes
Airline Shares Tumble on Oil Price Rise
U.S. Household Wealth Dips for the First Time Since 2002
Carlyle Group? Isn’t that packed with politicos? Let me guess who’s lining up for a gov’t bailout.
http://en.wikipedia.org/wiki/Carlyle_Group#Politics_and_public_service
Politics and public service
James Baker III, former United States Secretary of State under George H. W. Bush, Staff member under Ronald Reagan and George W. Bush, Carlyle Senior Counselor, served in this capacity from 1993 to 2005.
George H. W. Bush, former U.S. President, Senior Advisor to the Carlyle Asia Advisory Board from April 1998 to October 2003.
George W. Bush, current U.S. President. Was appointed in 1990 to the Board of Directors of one of Carlyle’s first acquisitions, an airline food business called Caterair, which Carlyle eventually sold at a loss. Bush left the board in 1992 to run for Governor of Texas.
Frank C. Carlucci, former United States Secretary of Defense from 1987 to 1989; Also, former Princeton wrestling partner of former US Secretary of Defense, Donald Rumsfeld. Carlyle Chairman and Chairman Emeritus from 1989 to 2005.
Richard Darman, former Director of the U.S. Office of Management and Budget under George H. W. Bush, Senior Advisor and Managing Director of The Carlyle Group from 1993 to the present
Allan Gotlieb, Canadian ambassador to the United States (1981-89) and member of Carlyle’s Canadian advisory board.
Liu Hong-Ru, former chairman of China’s Securities Regulatory Commission
William Kennard, Chairman of the U.S. Federal Communications Commission (FCC) under President Bill Clinton, Carlyle’s Managing Director in the Telecommunications & Media Group from 2001 to the present.
Arthur Levitt, Chairman of the U.S. Securities and Exchange Commission (SEC) under President Bill Clinton, Carlyle Senior Advisor from 2001 to the present
Peter Lougheed - Premier of Alberta (1971-85)
John Major, former British Prime Minister, Chairman, Carlyle Europe from 2002 until 2005
Frank McKenna, Canadian ambassador to the United States and former member of Carlyle’s Canadian advisory board
Mack McLarty, White House Chief of Staff under President Bill Clinton, President of Kissinger McLarty Associates, Carlyle Senior Advisor from 2003 to the present
Anand Panyarachun, former Prime Minister of Thailand (twice), former member of the Carlyle Asia Advisory Board until the board was disbanded in 2004
Randal K. Quarles, former Under Secretary of the U.S. Treasury under President George W. Bush, now a Carlyle managing director
Fidel V. Ramos, former president of the Philippines, Carlyle Asia Advisor Board Member until the board was disbanded in 2004
Dan Senor - political consultant
Thaksin Shinawatra, deposed Prime Minister of Thailand, former member of board, who resigned on taking office in 2001
Luis Téllez Kuenzler, Mexican economist, current Secretary of Communications and Transportation under the Calderon administration and former Secretary of Energy under the Zedillo administration.
Is it time for a run on the banks?
Run on the banks?
Who has any money in banks?
what banks have any money left?
Will the money still be worth anything?
I don’t have much respect for a Harvard MBA as a anything other than a sign that a person is “in” with the “rich old farts club”, but perhaps a bit less utility to civilization than your average telephone-sanitizer.