Biggs Admits He Was 'Naïve' About Syria

May 2 2011 | 1:00pm ET

Traxis Partners' Barton Biggs admitted that he was "naïve" about Syrian ruler Bashar al-Assad and would steer clear of the country until he's gone.

"I'm afraid with after what's happened we're going to have to have regime change," Biggs told Bloomberg Television about the country after last week's uprising. "It's going to be hard to put Humpty Dumpty back together."

Biggs' comments are a major about-face from two years ago, when he personally met with al-Assad, who has led Syria since the death of his father in 2000. Biggs said he was "very impressed" with al-Assad at the time.

Biggs said he wasn't completely wrong about Syria and al-Assad in 2009.

"We talked specifically about a sovereign-debt issue, a private equity fund," he explained to Bloomberg. "Syria's financial position is very strong. They have very little sovereign debt outstanding, at least in 2010. They have a public-sector surplus. Everything could have happened. There was a very favorable response from investors."

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