Earlier this week Tyler wrote:
I was thinking of writing a science fiction story. In this world human
capital is incredibly valuable. Even if you lose all your wealth you
can earn back lots very quickly, at least if you are talented and
well-educated….The level of risk-taking is very high and capitalist enterprise starts to collapse…Production resumes only when a) managers precommit to costly drug addictions, so that they again fear pecuniary losses and b) shareholders find altruistic managers and also initiate
charitable contributions to India. They threaten to cut off those
contributions if managers perform poorly.
BlackRock, the publicly traded asset manager, and a hedge fund firm, Highfields Capital Management, are backing a new company seeking to raise $2 billion to buy delinquent residential mortgages.
Private National Mortgage Acceptance will be run by Stanford L. Kurland, former president of Countrywide Financial Corporation, the largest American home-loan provider, the companies said Monday in a statement.