Whoops, I was wrong. I had been opining repeatedly on various media that tech was safe from subprime. Apparently not, at least if you have a runaway treasurer, like at Logitech:
Logitech International, the U.S.-Swiss computer-peripherals maker, said late on Wednesday that it dismissed its treasurer, who it said made “unauthorized actions and misrepresentations to management.” In a statement, the company said “there has been significant impairment in the value of its short-term investment portfolio due to the recent dislocations in the credit markets.” The company said its “ownership of the specific securities in this portfolio” resulted from its treasurer’s unauthorized actions and misrepresentations.
Anyone care to wager that a certain treasurer denied having any assets in subprime, only to have it become known, ahem, that he did? Darn, I guess tech isn’t safe from subprime. You were right, Herb.