Wednesday, 18 March 2009

Richard Friedman: the master of stressed and distressed debt

Goldman Sachs is looking for money. Billions! Why?

Let me tell you why. A new global fund. That's why. Oh yes. Goldman is starting up a new global fund with Richard Friedman in charge. Debt. Stressed, distressed, you name it. People familiar with the situation know all about it. I know very little. A few sketchy details. Goldman is so secretive. What happens in the basement? Ha ha, yes, we all know what happens in the basement (the London basement, that is).

But let us turn our thoughts to Richard Friedman. He has never been in the basement. So what? Very few people have. Is he a financial shaman? Er, no. Afraid not. This is most disturbing. I am disturbed. Surely a financial shaman should be given the job. Well, not necessarily. A shaman would spend too much of his time in a trance. No good for this job. Goldman has got the right man. I'm sure of it. But if he needs help. Oh, if he needs help, he can approach those righteous souls in the basement. But not physically! Oh no, not physically. (Rich is in New York, anyway.) That is not allowed. He will have to approach them with his mind.

The committee will help him. Yes. I'm sure of it.