Founder of Sub-Prime Giant New Century Financial, Edward Gotshall, Dies at 53

He was the engineer of the sub-prime locomotive that was known as New Century. They came out-of nowhere in 1995 and by 2000 were writing $60B in junk mortgages a year. Of course the locomotive crashed and is now an infamous train-wreck. New Century and hundreds of other firms that specialized in giving loans to the undeserving went bankrupt in 2007.

Mr. Gotshall was contemplating starting his business life over again when he died last Thursday while watching the Fiesta Bowl on his TIVO system.

Ed Gotshall was only 53. He could have started over and, if he chose a sustainable business this time, he probably would have been fantastically successful. No one can say he wasn’t enormously talented.

What is there to say really, he came he saw he conquered, he got conquered then he died young.

Rest-in-peace Edward Gotshall, your part in the story is over.

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