The Golden Rule of Defaults: Banks vs. Consumers
December 20, 2009 – 12:54 amMorgan Stanley (MS) is walking away from five office buildings it bought two years ago at the height of the market for $6.5 billion (that’s “B”… not “M”), which have since lost as much as 50% in value. The reason, says a corporate spokeswoman, “This isn’t a default or foreclosure situation… we are going to give (the lender) the properties to get out of the loan obligation.”So let me get this straight….Even as Banks were getting rewarded with billions in bailouts for pumping up the industry I work in to feed my family… so that they could profit on both the way up and especially on the way down by using trades that paid off with leverage when everything collapsed… I m Read more…
I am working on my Christmas cards this weekend and really enjoyed reading the Wall Street Journal article: Dear Friends: Season’s Greetings! Can You Get Me a Job? about those family letters so many people include in their cards.