I had to snort in disbelief at the presumptuousness of Barclays' comments on the Fed. Barclays is the organization which is being bailed out by 5 Arab/Asian investors and banks.
Barclays Capital, on its NY office's first deal in 02/07, is the one suckered into lending LandSource $1+ Billion on a first lien and $244 Million a second lien, doing due diligence on the deal which was doodoo, ignoring the financial press criticism of CALPERS buy-in to LandSource when Lennars stock and sales had already tanked, and then suckering more than 100 banks and funds into buying participations in those loans.
The icing on the cake, in that deal, was Barclay's Bank as second lien lender waiving most of the second lien lender's rights in a borrower bankruptcy when Barclay's Bank signed the Intercreditor Agreement with itself as first lien lender.
Barclays is truly the pot calling the kettle black.
Incompetence or arrogance? I don't know.
_________________ Aristotle
As Yogi Berra said "It's like deja vu all over again."
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