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19.03.26 - 19:51
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Another 2008 Analog: Goldman, JPM Offering Hedge Funds Ways To Short Private Credit (ZeroHedge)
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Another 2008 Analog: Goldman, JPM Offering Hedge Funds Ways To Short Private Credit
The big story last week, a narrative which we may have inadvertently started, was the recurring comparison across various sellside desks (and quite a few buysiders) of the current double crisis (private credit as an analog to the subprime crisis of 2007/2008 coupled with soaring oil prices which peaked at just below $150 in the summer of 2008 before crashing along with the start of the global financial crisis, similar to now). None other than Michael Hartnett dedicated his latest Flow Show to describing how "Wall Street Is Ominously Trading The 2008 Analog."
Well, we now have another very stark comparison to events from 2008.
Recall back then, while big banks like Goldman were actively pitching long RMBS trades to clients, seemingly oblivious of the subprime risk, they were quietly arranging transactions for their best clients - such as Paulson and Magnetar - to short the entire RMBS/housing stack in ...
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