Mortgages are like radioactive noodles

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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