Teddy Forstmann: “What me, junk bonds?”

From the trial transcript of private equity kingpin Teddy Forstmann in New York on the XO Communications mess:

“What is a junk bond?” a lawyer inquired.

“You’re really asking the wrong person,” Mr. Forstmann replied.

When you can snatch the junk bond from my hand, grasshopper, then you will be ready to manage billions of … waitaminute, you already were managing billions. Hmmm.

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