Yesterday’s 30% drop, to $4.86, was precipitated by the Chapter 11 filing of the insurer that guarantees FMD’s student loans.
This is either one of those times when you look back some years from now and think, ‘I really got some shares at $5 back in 2008?’ (As in, ‘Gee. Students still needed to borrow to go to college, the loans were still guaranteed by their parents and survived bankruptcy. Goldman Sachs committed to buy 19.99% of the company at a blended price of about $13.50 a share . . . and I got them for $5? Sweet.) . . . Or else you will think, ‘I really got some shares at $5?’ (As in, ‘What – was I out of my mind?’)
The only saving grace here is that the $1.25 billion Goldman has risked is money it can truly afford to lose (although a billion here and a billion there, and pretty soon it really does begin to mount up) . . . as must be any money (or further money) you risk in this.
39 MINUTES – AGAIN
I ended Monday with this, but you probably didn’t find the time to listen, so I offer it again today. James Weeks: ‘This NPR interview with Michael Greenberger is informative and really breaks some aspects of our economy down, it is also somewhat frightening. I believe you will find it interesting.’
☞ Although not the focus of the interview, one of the most interesting pieces is the description of former Senator Phil Gramm, and what he brings to the McCain campaign as its chief economic advisor. (That part begins around minute 6 and is then picked up again near the end.)
Quote of the Day
Millions is craft, billions is art.~prosperous man in a William Hamilton NEW YORKER cartoon
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