"Angel investing" refers to very early stage venture capital. It is called so not because of any implied generosity - they fully expect to get paid - but because very early startups have no tangible assets to serve as collateral for the "angel investor."

- Jake

Friends come and go. Enemies accumulate.

What Jake said.  And this is just more evidence that the system has become addicted to abnormally high rates of return.  It has to be a killing, it has to cover the front-end load, and it has to happen now.