Subprime Profiteers Go Belly Up
In February, Michael Strauss, founder and chief executive officer of American Home Mortgage (AHMI.Q), went to bed, safe in the knowledge that his 4.5 million shares in the company were worth $160 million. Six months later, pretty much all of that wealth has vanished. Fears over subprime mortgages led to a credit crunch, squeezing subprime specialist American Home to the point that it filed for bankruptcy Aug. 6.
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