Enter John Devaney, CEO of United Capital Markets, a market maker in structured finance and asset-backed securities, who was once quoted in the newspapers as saying that people who take out sub-prime mortgages to buy their homes are “big idiots”.
The multimillionaire executive, whose firm’s books were full of securities backed by sub-prime mortgages, has apparently been forced to sell his 142-foot yacht Positive Carry to raise an extra $23.5 million.
But it gets worse.
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