http://www.bloomberg.com/apps/news?pid=20601087&sid=aZdtk8hhjZr4&refer=home
- ``Probably the most stretched silly credit that ever walked the face of the earth was subprime, and that was the start of it,'' Grantham said in an interview in his Boston office. ``And then you started to see more of the fixed-income market getting contagion.''
- Grantham said investors putting money into private-equity funds will lose most of their money because of the amount of leverage used in deals and profit-sapping fees. An overload of debt will sink at least a couple ``very large'' firms. He didn't say which firms may be imperiled.
``These guys are in a big hole,'' he said. ``Most of the money going into private equity today will be a total loss.''
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