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More Blood on the Street

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Elliott

Thread Starter
Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
From WSJ,

Morgan Stanley yesterday ousted Zoe Cruz, its co-president and heir apparent, after the firm suffered more than $3.7 billion in mortgage-related paper losses.

The departure of Ms. Cruz, one of the highest-ranking women on Wall Street, was a surprise. While Ms. Cruz, 52 years old, had oversight over the part of the business that had suffered losses, it appeared she had survived the bloodletting brought upon by the credit crisis.


There was also an excellent op ed about how the House has passed
mortgage reform and now its up to Sen. Frank and Sen. Dodd, or
we'll be bailing out Fannie and Freddie.

I think its interesting that the politicans can always yammer,
but at least there has been some appropriate career ending for
people who choose loosey goosey profits over proper security.
 
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