Re: Breath Mint?

Nicolas Stoupak 06/10/2008 08:29

That's the Bloomberg style, they do it in every in-depth article.
"Jack Smith arrived at his Wall Street office at 7am, drank a couple cups of black coffee and ate a donut. He was expecting a bloodbath in the swap market"

"Kedar Desai" 05/10/2008 10:18

From NYT: I didn't get why NYT had to mention this here

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Shortly after he became chief executive of Fannie Mae, Mr. Mudd traveled to the California offices of Angelo R. Mozilo, the head of Countrywide Financial, then the nation's largest mortgage lender. Fannie had a longstanding and lucrative relationship with Countrywide, which sold more loans to Fannie than anyone else.

But at that meeting, Mr. Mozilo, a butcher's son who had almost single-handedly built Countrywide into a financial powerhouse, threatened to upend their partnership unless Fannie started buying Countrywide's riskier loans.Firms like Bear Stearns, Lehman Brothers and Goldman Sachs had started bundling home loans and selling them to investors — bypassing Fannie and dealing with Countrywide directly.

"You're becoming irrelevant," Mr. Mozilo told Mr. Mudd, according to two people with knowledge of the meeting who requested anonymity because the talks were confidential. In the previous year, Fannie had already lost 56 percent of its loan-reselling business to Wall Street and other competitors.

"You need us more than we need you," Mr. Mozilo said, "and if you don't take these loans, you'll find you can lose much more."

Then Mr. Mozilo offered everyone a breath mint.

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