Michael Gracie » Blackstone http://michaelgracie.com Clever Tagline Unavailable At Publication Time Tue, 02 Dec 2008 19:53:44 +0000 http://wordpress.org/?v=2.6 en Mortgages are like radioactive noodles http://michaelgracie.com/2008/05/08/finance-quote-of-the-week-2/ http://michaelgracie.com/2008/05/08/finance-quote-of-the-week-2/#comments Thu, 08 May 2008 20:44:48 +0000 Michael Gracie http://michaelgracie.com/2008/05/08/finance-quote-of-the-week-2/

Steve Schwarzman, on why Blackstone failed to close the PHH Mortgage buyout (via The Wall Street Journal):

“Trying to buy a mortgage bank in the midst of the subprime crisis was the equivalent of being a noodle salesman in Nagasaki when the atomic bomb went off. Not a lot of noodles left, or even a person, and that’s what happened to us on this deal.”

Word has it the Japanese may take offense to this statement.  That, or just double the rent on Blackstone’s new Toyko digs.

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