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Every Party Has a Pooper…
Last week, a headline in Canada’s Globe and Mail spoke of a miracle.
“Record crude prices force US oil company into Chapter 11.” We read the headline twice. It was no mistake. Even with the sunniest skies in the oil industry in more than 33 years, the Tulsa-based oil marketing company, SemGroup, still managed to find a puddle deep enough to drown itself.
Yesterday we reported Merrill’s $5.7 billion in write-downs. Even with the smartest people on Wall Street running things, the firm couldn’t avoid big losses. And last week, Fannie and Freddie had our attention. The twin mortgage lenders had been…
31Jul2008 | Daily Reckoning | Comments Off | Continued
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