CMBS Deal Pulled - Traders Quit

The GC4 deal was pulled today after S&P waffled and then pulled its ratings, but perhaps even more interesting is the fact that the head traders quit at both lead underwriters. Citigroup stated that the departure of Warren Geiger was in no way related to the GC4 transaction. Matthew Salem also left Goldman Sachs today.


So, sell all your CMBS - traders are giving up.