My heart bleeds borscht for this muthaf#$@&^!

Subprime hedge fund manager forced to put yacht up for sale – Jul. 30, 2007

…..

John Devaney, the CEO of United Capital Markets, a fund that specializes in buying and selling bonds that are backed by the mortgage payments, particularly adjustable rate subprime mortgages, has put his 142-foot yacht “Positive Carry” up for sale, according to a yacht broker’s Web site.

Devaney’s fund has run into trouble lately. A spokesman for the firm told Reuters on July 3 that it had stopped honoring request from some of its investors for redemptions, or withdrawal, of investments.
…..

Devaney told Money magazine this spring that despite problems that the loans cause for borrowers, the assets backed by them provided a good return for his fund.

“The consumer has to be an idiot to take on those loans,” he said. “But it has been one of our best-performing investments.”

I hope he gets cancer.

According to the yacht broker’s listing, the yacht has accommodations for 10 passengers in its five staterooms, along with space for a crew of seven. Its amenities include his and her baths in the master suite, and four guest bathrooms with Jacuzzi tubs and showers and cherry wood interior throughout.

It has two 2,250-horsepower engines and a range of 3,500 nautical miles.

The New York Post reported Monday that Devaney is also seeking to sell a home in Aspen for $16.5 million.

The Aspen Times reported in November that he bought that house, for $16.25 million, and that property includes a 16,000-square-foot main house and carriage house which include 16 bedrooms, 18 full bathrooms, two fireplaces, three kitchens and two caretaker bedrooms with bathrooms.

Unfortunately, this #$@&ing vulture is still rich.