Take a creaking CMBS market, mix in some leverage and voila: liquidation, just like that. The Journal reports that one of the first to explode was one invested in and backed by Ross Perot, the man who might have been President:
Parkcentral Global Hub Ltd., the fund overseen by Parkcentral Capital Management LP, a Plano, Texas, firm controlled by the Perot family, peaked this year at $2.5 billion in assets. It used borrowed money to amplify its bets, said people familiar with the matter, and began dumping assets last week.
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