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Message: Vultures Turn On Each Other

Vultures Turn On Each Other

posted on Mar 07, 2008 06:35AM

The comedy routine has just been moved up a notch as nearly insolvent Citigroup has just downgraded nearly insolvent Carlyle Capital. Considering Citigroup's suspect investment strategy over the past few years, it is sincerely unlikely that their expert investment opinion is still regarded highly. Also, the trading of Carlyle Capital was suspended today in Amsterdam.

Trading in NY breached a new low today, although not initially, as everything that should have gone down went up and vice versa. With market credibility now almost non-existent in NY, most wise investors have or will be shortly pulling out of specific markets, leaving only PPT funds to support the skeleton. As good ol Winston once said, "this is the beginning of the end".

Regards - VHF

Carlyle Capital cut to sell by Citigroup analyst

By Alistair BarrLast update: 10:56 a.m. EST March 7, 2008SAN FRANCISCO

(MarketWatch) -- Carlyle Capital shares were cut to sell by Citigroup analyst Donald Fandetti on Friday after the investment firm failed to meet margin calls and got a notice of default on one financing agreement. The agency mortgage securities that Carlyle Capital owns have dropped in value, prompting banks to ask for more cash or collateral to back their loans. While Carlyle owns only agency securities, which are considered safer than other types of mortgage securities, the firm holds so-called cap floaters, which are more vulnerable to price volatility and leverage constaints from the banks, Fandetti wrote in a note to clients.

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