Something else which was meant to rise forever
Another company defaults on its obligations because its chairman thought his market would simply rise forever:
‚ÄúIn my 30-plus years in the business there‚Äôs never been a year that was down versus the prior year,‚ÄĚ he said. ‚ÄúThis is a first.‚ÄĚ
It’s a wonder he didn’t go into mortgage securitization, really.