No readers you cannot make this up. Lucky Sperm Club member Bill Macklowe was invited on the propaganda network. No, not as a Manhattan kickin' night club expert, nor as a Hampton polo or cricket circuit expert, and no not as a 6 star vacation getaway expert but as a commercial real estate expert!
Leave it to CNBC to unearth the real hidden gems. This is what I said way back back in April 2008 regarding the Macklowe's real estate exploits:
Now that's some leverage! Ivy league style. You wanna bet on whether the lender(s) on that deal had an Ivy league education as well ?
I didn't think so.
But of course all of this is NOT a ponzi scheme ever dependent on cheap credit, non-existent lending criteria and an ample supply of brainwashed, kool-aid drinking or LSC card carrying marks.
Well, the the Macklowe liquidation sale continues and it now appears that all this financial wheeling and dealing with others' money has taken its toll -on the creditors - not to mention the family, as son has parted ways with daddy and relations between them appear "strained".
What was that phrase again about bear markets returning capital to their rightful owners.
In further news it appears we now have yet another casualty among the financial wizards LSC set. Lucky Sperm club member Jared Kushner, graduate of all those fine institutions of higher learning (Harvard/NYU) where the only entry qualification is that your donation cheque doesn't bounce not to mention famous son in law of Donald 'mirror mirror on the wall whose arrogance trumps them all' Trump, seems to be having some trouble.
According to the WSJ:
Lovely. Revenues only a 1/4 of projection. How shocking. Ironically the accounting professor at the 2 bit, couldn't hold a candle to the Ivy league, university that awarded me my sheepskin always counselled to take my revenues and discount them 50% and high ball my expenses/carrying costs very aggressively, modelling a worse case scenario.
Imagine that. But hey, like we're told, Ivy league is da bomb!! And as for Mr. Kushner. Lets just ask his father in law;
Wow. Maybe Kushner will get credit for work done at Harvard and skip the first 3 levels of the Trump coursework and jump right into 'Going BK and Bouncing Back Unscathed 404'.
Like Donald said, a very smart young man. Must have forgot his calculator or used a ouija board for his business plan. All that said, I fully expect to see Kushner working at treasury or the Fed pronto.
But of course real estate is improving right alongside the job front, just turn on CNBC they will tell you that day in and day out.
Hmmmm let's see now. Should I back the business plan of the "dumb" legal immigrant from Colombia selling hot dogs and soda on the corner by central park or should I back the DNA loaded Kushner, the "very smart young man" from Harvard and NYU?
I'll give you 3 guesses as to which one and the first 2 don't count. But then again I may be stupid but I'm not Ivy league stupid.