The subprime mess is even deeper, darker and scarier than banks originally thought, Blackstone president and COO Tony James warned. Here’s his quote from today’s conference call, when asked when banks would get back to businesss after the summer’s credit turmoil.
”I wish I had clearer picture on that,” said James. “The subprime black hole is appearing deeper, darker and scarier than they thought. They’ve worked through — by our estimate — about 40 percent of the backlog of the leveraged loan side, and there’s definitely some signs of thaw there.”
Earlier, Blackstone reported a quarterly loss on charges related to its initial public offering.
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- Posted by green92 » Blog Archive » Subprime black hole: deep, dark and scary