6.09.2008

A fool and his money

This morning brought news that LandSource, a joint venture involving CalPERS, is filing bankruptcy.

The geniuses at CalPERS put almost a billion dollars into this California land deal right as it was becoming obvious to everyone else that the housing bubble was bursting.

This was just months before the brilliant Toxic Waste CDO deal they bought right before the summer mortgage meltdown.

Nice going, guys! What's your next trade?

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