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Epstein's (Chairman) Liquid Funding was the $1.7B medium-term note arm of Bear Stearns (owned 40% of the Bermuda entity) that pioneered using reverse repos and total return swaps as collateral.
@zerohedge
@TheLimerickKing
@zerohedge
@TheLimerickKing
Bear's 10-K:
At November 30, 2002, the total assets of this entity (Liquid Funding, Ltd.)approximated $900 million. The Company's maximum exposure to loss as a result of its investment in this entity is approximately $5.0 million.
At November 30, 2002, the total assets of this entity (Liquid Funding, Ltd.)approximated $900 million. The Company's maximum exposure to loss as a result of its investment in this entity is approximately $5.0 million.
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2005 (continued)
The Bank provides investment management services to Liquid Funding Limited, an associated company, for which income of US$5,779,260 (2004: US$4,452,099) was earned.
for the year ended 30 November 2005 (continued)
The Bank provides investment management services to Liquid Funding Limited, an associated company, for which income of US$5,779,260 (2004: US$4,452,099) was earned.
Their warehouse lines went to the who's who of bankruptcies:
American Home Mortgage
JER Investors Trust
Countrywide
HomeBanc
etc
American Home Mortgage
JER Investors Trust
Countrywide
HomeBanc
etc
"Jack Goldberger, one of Epstein’s attorneys in the Palm Beach sex crimes case, told FOX of the Bear Stearns’ prosecution, “Mr. Epstein was never spoken to by any of the authorities on this subject. He was a very large investor. No more, no less.”"
"No more, no less"
Except for being the Chairman of Bear's offshore SIV that provided billions in funding to entities that went belly up.
@kbriquelet
Except for being the Chairman of Bear's offshore SIV that provided billions in funding to entities that went belly up.
@kbriquelet
