The shorts had pressed that number, and were declaring victory and bankruptcy. Now we have this mortgage mess, and Thornburg Mortgage (TMA 1.57) was battered down under a buck, forced to sell good money loans at a discount to the buyer of last resort-PIMCO. The shorts and vultures were declaring victory.
Yesterday TMA has gotten off of the canvas. The bears say it was the sucker punch the Fed threw. But it looks like Thorburg isn't getting knocked out in the early rounds. Does anybody think the Investment Banks are going to give TMA another margin call after the Fed has stepped in? To the shorts chagrin, TMA is making it a fight.
Remember the Alamo! Remember American Airlines! Remember Thorburg??
Post a Comment