Archive for November 8th, 2007
Deal of the Century- By Greg Strid
I read a distressing tale in the Star Ledger yesterday.
The article discussed the price-slashing that Red Bank,
New Jersey-based homebuilder Hovnanian engaged in
during its “Deal of the Century†blow-out sale in October.
It is common knowledge that the real estate market is
in a slump, and Hovnanian slashed prices on its cavernous
homes by as much as $100,000 to [...]
Investment Banks Lose a Bundle
What exactly constitutes a staggering loss these days? Just today, Morgan Stanley announced that it lost $3.7 billion on subprime mortgage-linked securities in the past two months - whoops.
These are actually write-downs of existing investments, and the company mentioned that their exposure to these toxic turds has been cut to a mere $6 billion. This [...]
© 2007 Splendid Marbles. 
