Dear Mr. Buffett_ What an Investor Learns 1,269 Miles From Wall Street Part 3.5

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first quarter 2007. There I emphatically stated that investment bank risk managers involved in securitizing subprime mortgages should get out and short the product, because the predators' fall was in full swing. It was career suicide to be in a position of supposedly overseeing risk if one did not have the authority to stop the insanity. If, however, one did have the authority to do something about it, the time for action was past due. The SEC may not care about my views, but it ignored many voices from the business media and from investment professionals.

Tom Hudson and Beejal Patel of First Business Morning News First Business Morning News ( (FBMN) broadcasting out of Chicago documented the troubles of subprime mortgage lenders. They were ahead of the pack in predicting massive write-downs at investment banks.With a shoestring budget and a half-hour broadcast, they presented the best overall coverage of the role of the Fed, mortgage lending, investment banks, and lax sophisticated investors. In fact, they presented great overall coverage on all aspects of finance. The show airs at 5:00 A.M. Chicago, and many Chicago traders-the largest volume of exchange traded derivatives in the world changes hand in Chicago-get up to watch FBMN FBMN 's financial coverage. 's financial coverage.

In March 2007, Tom Hudson noted that "banks, brokers and auto companies" were writing down exposures to subprime lenders. In Chicago, Corus Bankshares, Inc. took a write-down on its shares of Freemont General, a large subprime lender. New Century was being sued in several states to stop it from giving new loans. Hudson noted that the Fed regulates banks and could have pushed to stop inflating the subprime market by allowing them to offer "teaser rates that weren't explained to the borrowers." I

Dear Mr. Buffett_ What an Investor Learns 1,269 Miles From Wall Street Part 3.5

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