by Tanta on 7/24/2007 08:11:00 AM

Continuing today's utter childishness:

Headline: "Basis Hires Blackstone to Limit Losses on Hedge Funds"

Funny Money Quote:

``The fallout from subprime is likely to impact most asset classes and investment strategies over the next couple of years because the ratings agencies completely goofed up,'' said Peter Douglas, the principal and founder of Singapore-based hedge fund research firm GFIA Pte. ``Basis Capital is viewed as a bellwether.''

Maybe Blackstone will help out by explaining what "basis risk" is.