NEWS
The August 24, 2009 BBC interview with James Chanos, CPIC’s chairman, triggered a wave of stories raising questions about the G7 ministers ignoring warnings that he and another investor, Paul Singer, provided in a Washington, D.C. meeting in April 2007.
Peter Waugh, deputy political editor for the London Evening Standard, writes:
“[I]t now turns out that they [G7 ministers] were all given a secret 60-minute presentation which warned of the dangers of toxic US subprime loans infecting banks across the world – and the risk they posed to the entire global financial system. Jim Chanos, the hedge fund chief who made his name predicting the collapse of Enron, was invited along with fellow hedgie Paul Singer to brief Gordon Brown (then Chancellor) et al.”
He also writes: “Chanos also makes a robust defence of hedgies, pointing out that many pension funds now act as clients, and says there is no evidence at all that short-selling drove the banking collapse.”
Other posts:
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The Business Insider -
The Evening Standard’s Paul Waugh reveals today that G7 finance ministers were warned about the dangers of US subprime loans and shaky banks back in April …
Brown Ignored Warnings on Toxic Bank Loans
Money Marketing - Nicola York
A leading US hedge fund chief has accused Prime Minister Gordon Brown of ignoring warnings that toxic bank loans could lead to a global financial collapse, …
April 2007: When Gordon Ignored the Warnings
Spectator.co.uk – Peter Hoskin –
Typically great stuff from the Standard’s Paul Waugh, who has delved into how G7 finance ministers – including one Chancellor Brown – were warned about the …
