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Monday, January 28, 2008

Sallie Mae's conference call

Last week, SLM's CEO, Albert Lord was contrite and apologized for his behavior on a previous conference call where he said he wanted to get the f%#@ out of there.

Seems it wasn't quite a change of heart, but of finances. Today it was announced that JC Flowers wouldn't have to pay the $900 million breakup fee, and that the banks involved, led by BofA and JPMorgan would just extend SLM's $31 billion line of credit for 364 days.

Looks like Blackstone took heart from JCFlower's win, and thus skedaddled on Alliance Data Systems.

What a bunch of beauties on the street!

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