BOND ROUT!!!! (Now With Additional Exclamations)

Ten years ago today, one of Carlyle Group’s mortgage funds, Carlyle Capital Corp (CCC), was seized by creditors. Precipitated by dwindling liquidity, the fund’s effective insolvency would amplify those global “dollar” pressures and lead to Bear Stearns’ untimely demise mere days later. The fund’s corporate parent issued a statement on March 6, 2008, that read:…


Nothing Goes In A Straight Line

A decade ago, the financial world was alive. I don’t mean alive in the same way much of humanity was at the fall of the Berlin Wall or on VE Day in 1945. Rather, people at that particular moment had their eyes pulled opened just a bit for the first time in a very long…


When You Stop Reading After The Second Sentence

On June 27, ECB President Mario Draghi opened that central bank’s international conference in Sintra, Portugal. Most media never made it past the first two sentences of his prepared remarks. For them, the verdict was already delivered in those few lines. They declared that Draghi declared monetary policy was working and the world was on…