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G7 Finance Ministers Warned Of "Radioactive" Problems To Come By Chanos In 2007

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In a "secret presentation," the findings of which were summarily laughed off before segueing to more important matters like what to do with those evil hedge funds. Maybe if Jimbo had used words like "ass rippling bad," "shit that will haunt your dreams," and "straight up scariest environment imaginable" they would've taken him seriously? Next time Big Jim will consider painting a more harrowing picture. Sayeth Chanos:

"So there were some canaries in the coal mine by April 07 and Paul [Singer] pointed them out. I then segued into my presentation which told the assembled regulators that in fact if Mr Singer was correct and I believed he was, that the problem would not be hedge funds it would be the regulated banks and brokers who were leveraged 30-1, many of which held glowing, toxic radioactive pieces of securitisation which they could never sell. The German finance minister who was chairing the meeting thanked me politely and then thanked Paul and said 'so what do you think about Hedge Funds?'"
So despite having received this stark warning, the only response from the politicians was 'yeah, yeah but what about tightening up regulation on you guys?' We were completely and officially ignored."

Brown 'ignored' warnings re toxic loans and financial crisis
[LES via clusterstock]


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