Thursday, October 30, 2008
The Rhineland Model 5 Locusts 0
Sometimes you read news stories that want to make you want to jump for joy.
This is one of them.
"I have had hedge fund managers literally in tears on the phone," said one London-based analyst yesterday. Others likened the Porsche disclosure to a "nuclear bomb going off in our faces", describing the resulting losses as "a bloodbath".
Hedge fund managers in tears? To quote the legendary RSM Williams (above):'Oh Dear, How Sad, Never Mind.'
UPDATE: Philip Delves Broughton has more in his great piece for the First Post
The geniuses at Porsche have just done what half the civilised world has been thinking of doing these past few weeks and stuffed it to hedge funds
FURTHER UPDATE: You really couldn't make it. You really couldn't, dear reader.
The DT reports on the anger of the hedge fund traders who have been shafted by Porsche:
One said “In any other country in the world, taking control of a company in secret and still not launching a bid would be illegal. We believe the reactions of the German regulators to be criminally irresponsible but we are confident that this will be sorted out.” Another said: “We are stunned by the unregulated nature of the German market. This is a complete fiasco. Forget buying a Porsche, traders around the world will simply avoid Germany after this.”
Yup, that's right. Hedge fund traders, who for years have railed against greater regulation of their highly secretive industry, and against government regulation generally, now attack Germany for the 'unregulated' nature of its market.
I told you, you couldn't make it up. I don't have enough money to go out and buy a Porsche to express my appreciation to the company for the service they have rendered us all, but I know which country Zsuzsanna and I will be going to on our next holiday.
Three cheers for Germany!