Subprime Meltdown Understatement of the Day

Here’s Jack Malvey, the chief global fixed income strategist for Lehman Brothers, commenting on the subprime mortgage market meltdown, as quoted in a New York Times piece titled The Loan Comes Due.

“The magnitude of risk was significantly underappreciated.”

Ya think?  Brilliant, just brilliant.

Posted by .(JavaScript must be enabled to view this email address) on 08/09 at 06:58 AM

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