Subprime hedge fund manager forced to put yacht up for sale – Jul. 30, 2007<\/a><\/p>\n…..<\/p>\n
John Devaney, the CEO of United Capital Markets, a fund that specializes in buying and selling bonds that are backed by the mortgage payments, particularly adjustable rate subprime mortgages, has put his 142-foot yacht “Positive Carry” up for sale, according to a yacht broker’s Web site.<\/p>\n
Devaney’s fund has run into trouble lately. A spokesman for the firm told Reuters on July 3 that it had stopped honoring request from some of its investors for redemptions, or withdrawal, of investments.
…..<\/p>\n
Devaney told Money magazine this spring that despite problems that the loans cause for borrowers, the assets backed by them provided a good return for his fund.<\/p>\n
“The consumer has to be an idiot to take on those loans,” he said. “But it has been one of our best-performing investments.”<\/p><\/blockquote>\n
I hope he gets cancer.<\/span><\/p>\nAccording to the yacht broker’s listing, the yacht has accommodations for 10 passengers in its five staterooms, along with space for a crew of seven. Its amenities include his and her baths in the master suite, and four guest bathrooms with Jacuzzi tubs and showers and cherry wood interior throughout.<\/p>\n
It has two 2,250-horsepower engines and a range of 3,500 nautical miles.<\/p>\n
The New York Post reported Monday that Devaney is also seeking to sell a home in Aspen for $16.5 million.<\/p>\n
The Aspen Times reported in November that he bought that house, for $16.25 million, and that property includes a 16,000-square-foot main house and carriage house which include 16 bedrooms, 18 full bathrooms, two fireplaces, three kitchens and two caretaker bedrooms with bathrooms.<\/p><\/blockquote>\n
Unfortunately, this #$@&ing vulture is still rich.<\/p>\n","protected":false},"excerpt":{"rendered":"
My heart bleeds borscht for this muthaf#$@&^! Subprime hedge fund manager forced to put yacht up for sale – Jul. 30, 2007 ….. John Devaney, the CEO of United Capital Markets, a fund that specializes in buying and selling bonds that are backed by the mortgage payments, particularly adjustable rate subprime mortgages, has put his …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1261,973,969,1265],"tags":[],"class_list":["post-199423","post","type-post","status-publish","format-standard","hentry","category-bubble","category-economy","category-evil","category-housing-crash"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/199423"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=199423"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/199423\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=199423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=199423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=199423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![](\"http:\/\/i7.photobucket.com\/albums\/y284\/fullmulletalchemist\/nelson_ha_ha.jpg\")
<\/p>\n