Letters to the Editor
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A sub-prime crisis in private equity?
The subprime mortgage crisis isn't the cause of our problems, but for the time being take note. Probably the most interesting thing I read today was an article about Jefferson County, Ala., which is facing bankruptcy over a sewer revenue bond that went bad. The size and scope eclipses the former Orange County, CA. bankruptcy, and the governor has said there is no legal basis on which the state can intervene.
Also note that Citigroup will cut down on it's mortgage and equity line business, and any loans it cannot sell. I thought that was how we got into this mess?
http://www.thisislondon.co.uk/standard/article-23449569-details/Stand+by+for+new+subprime+crisis/article.do