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Second Leg of Crisis Beginning: Hedge Fund Manager

Patrick Allen
CNBC [1]
Wednesday, September 1, 2010

September and October hold bad news for stock markets and banks remain overleveraged as we head into the second leg of the financial crisis according to Pedro De Noronha, the managing partner at Noster Capital in London.

“We are seeing one of the most challenging years for investors ever,” De Noronha told CNBC Tuesday. “Major investors are simply leaving the market. When it looks like markets are about to fall off the cliff they rally and vice versa.

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“There are problems coming from the resetting of US mortgages and (the) euro area remains a big worry,” he said.

“Germany is unwilling to save any other European country,” De Noronha said. “Merkel used up lots of political capital saving Greece and she saved the Greek bond market in order to save the French and German banking system from more big losses.”