The Rules are Different when You're Rich

Another example:

"Morgan Stanley ... plans to relinquish five San Francisco office buildings to its lender two years after purchasing them from Blackstone Group LP near the top of the market.

“This isn’t a default or foreclosure situation,” [Alyson Barnes, a Morgan Stanley spokeswoman] said. “We are going to give them the properties to get out of the loan obligation.”

To get out of the loan obligation. But it's not a default. Well, there you go.

Comments

Derek Jordan Foley said…
The rules are the same, you simply have more options. i.e. giving your lender buildings.
December 17, 2009 at 1:43 PM
Green Eagle said…
Yeah, it's called giving your lender buildings when you're rich. It's called being foreclosed when you are poor.
December 17, 2009 at 2:51 PM
Derek Jordan Foley said…
No, buildings are just one of their many assets. The poor have very few assets so their house is foreclosed if they cannot pay off their loan. They have nothing else to give. The rich can give buildings, money, land, stock, whatever. An asset is an asset.
December 18, 2009 at 8:28 AM
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