New York University economist Nouriel Roubini says his firm is not for sale despite what media reports say.
CNBC reported the firm, Roubini Global Economics (RGE), had been losing money and hired an investment bank to study ways to bring in a new owner.
Not true, says Roubini, who accurately called the Great Recession years before it happened.
"Recent press reports have suggested that RGE is experiencing difficult financial conditions and is being sold. These reports are wrong. RGE is strong, stable and independent," Roubini says in a note, adding that the firm was "well capitalized" and remained "of high value to its clients," CNBC reports.
(Getty Images photo)
Roubini's note doesn't rule out the possibility that a sale could take place in the future, however.
Sources tell CNBC the firm projects revenues of about $14 million this year and will post a loss of approximately $2 million but they add revenue will grow 8 percent next year followed by 40 percent in 2013.
A spokesman for RGE says the firm "has tripled its revenue since 2008 and has reported record sales for September," CNBC adds.
Famous for his pessimistic outlooks, Roubini has tempered some of his gloomy forecasts in the past but insists that dark clouds continue to build on the horizon for the world's developed economies.
"At this point, the issue is not whether there is going to be a recession or a double-dip but whether it’s going to be relatively mild or whether it’s going to be a severe recession and a global financial crisis," Roubini says, according to Bloomberg.
"The answer to that question depends on what’s going to happen in the euro zone and whether they can get their act together."
© 2013 Moneynews. All rights reserved.