[lbo-talk] frontiers of financial innovation

Doug Henwood dhenwood at panix.com
Wed Jan 19 15:29:38 PST 2005


Jordan Hayes wrote:


>Also: if there was a signifcant default rate on these
>things, the banks wouldn't underwrite them.

Gee, you mean that because IPOs have a shitty record going back decades, that means people won't buy them, and investment banks won't underwrite them? You have a touching faith in the rationality of financial markets.

Doug



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