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At the very height of the market, Walsh concluded his last great deal, a joint transaction with Bank of America, committing $17.1 billion in debt plus $4.6 billion in bridge equity to finance the purchase of Archstone-Smith, a collection of premium apartment complexes and other high-end real estate. The properties were excellent, but the price was
... See moreAndrew Ross Sorkin • Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves
Houses
Paul Sturrock • 1 card
building in public
Alex Dobrenko • 1 card
Farley conceded that there are “a lot of underwater bonds in the banking system and that can pose financial stability risks because banks are leveraged institutions. If it’s levered 10 to 1 and you have a 10 percent loss, all the equity is gone.” Which, of course, is exactly what happened to Bear Stearns, which at times was levered 50 to 1, meaning... See more
The BofA $136B Dynamite Stick
Business Council and the Economic Club of New York,
Brad Jacobs • How to Make a Few Billion Dollars
New York in 1932 was half-completed skyscrapers, work on them long since halted for the lack of funds, that glared down on the city from glassless windows.
Robert A. Caro • The Power Broker
Montford & Stumptown
Ami W • 1 card
