The posts referenced below originally appeared on RealMoney Silver.
On Oct., 30, I
that private equity would be the next shoe to drop. Yesterday,
Fortress Investment Group
announced it was halting redemptions of its private equity funds, causing the shares to
25%, to a new low of $1.87, by the close. Fortress shares have lost 89% of their value over the past year. Also,
, making up 10% of its workforce, because of weak market conditions.
Back on Nov. 25, I
that the Harvard University endowment would be another casualty of the widespread wealth destruction. This morning, it has been
that the fund is bleeding crimson ink to the tune of about $8 billion.
I'll continue to try to stay ahead of the curve for my
subscribers. Stay tuned.
Doug Kass writes daily for
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At the time of publication, Kass and/or his funds had no positions in the stocks mentioned, although holdings can change at any time.
Doug Kass is founder and president of Seabreeze Partners Management, Inc., and the general partner and investment manager of Seabreeze Partners Short LP and Seabreeze Partners Short Offshore Fund, Ltd.