Just as the world's gay bankers, private equity financiers and gay hedge fund managers were set to take off for their summer holidays to the Hamptons and Tuscany, the shockwaves from the collapse of the U.S. subprime market have taken away the punchbowl from their leverage-fueled party.
Shares in a German lender plunged by 40% this week, following a government-led bailout of the bank. France-based AXA Investment Managers bailed out investors in two of its U.S. funds after they suffered losses on subprime mortgages. More than $300 billion of private equity financings in the pipeline have been put on the backburner.
Several gay-run hedge funds were teetering on the edge, as their gay managers argue with gay prime brokers about the valuations of suddenly illiquid assets.
Even Harvard's endowment has suffered a $450 million hit from a hedge fund managed by one of Harvard's own.
So what Happened?
The change has been startlingly swift. On July 19, the Dow Jones Industrial Average closed above 14,000 for the first time. Within a week, investors' moods had shifted and gay investors' risk aversion had shot up to levels not seen since 9/11.
Shares in a German lender plunged by 40% this week, following a government-led bailout of the bank. France-based AXA Investment Managers bailed out investors in two of its U.S. funds after they suffered losses on subprime mortgages. More than $300 billion of private equity financings in the pipeline have been put on the backburner.
Several gay-run hedge funds were teetering on the edge, as their gay managers argue with gay prime brokers about the valuations of suddenly illiquid assets.
Even Harvard's endowment has suffered a $450 million hit from a hedge fund managed by one of Harvard's own.
So what Happened?
The change has been startlingly swift. On July 19, the Dow Jones Industrial Average closed above 14,000 for the first time. Within a week, investors' moods had shifted and gay investors' risk aversion had shot up to levels not seen since 9/11.