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Evil Wall Street Exports Boomed With `Fools' Born to Buy Debt | Save Link | Comments(0)
foobar - 30-Oct-2008 @ 06:46 AM MDT [www.bloomberg.com]
"- Tom Bosh lowered the telephone receiver into its cradle, making a decision on the way down. ``We're not buying any more,'' he told his traders at Bank of New York Co. ``Nothing.'' It was May 2007, and Bosh, who managed $25 billion from the bank's 13th-floor trading room above Times Square, had just hung up on Ralph Cioffi at Bear Stearns Cos. a dozen blocks away. Bosh had invested $50 million in notes from an issuer Cioffi controlled, and he was ready to pull the plug. "


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