The Macklowes should find some NEW financial and legal personalities to review future purchases. Of course they applauded the purchase because each of those personalities probably stood to make some nice $$$ for their recommedations. This unfortunate business decision has very little to do with subprime issues but more with the ferocious greed of banks, hedge funds, lawyers, brokers and so on, that feed on higher and higher yields that real estate investments and other related packaged deals offered. Why aren't other commercial real estate companies indemise? It is a shame that so many years of taking risk and building an magnificant empire has been dismantled from the recommendations of these personalities to, for a lack of a better term, put all their eggs in one basket and in the end, only the Macklowes stood to lose....Dear Macklowes, It may be time to clear the decks of these personalities because, as many of us know, you have the intelligence, creativity and foresight to have an empire that many in your field could only dream of developing themselves. The problem is not with buying at the top of the mkt or the buildiings themselves, it is quite simply the people who advise you. I look forward to your comeback, bigger and smarter than ever before.
The Macklowes should find some NEW financial and legal personalities to review future purchases. Of course they applauded the purchase because each of those personalities probably stood to make some nice $$$ for their recommedations. This unfortunate business decision has very little to do with subprime issues but more with the ferocious greed of banks, hedge funds, lawyers, brokers and so on, that feed on higher and higher yields that real estate investments and other related packaged deals offered. Why aren't other commercial real estate companies indemise? It is a shame that so many years of taking risk and building an magnificant empire has been dismantled from the recommendations of these personalities to, for a lack of a better term, put all their eggs in one basket and in the end, only the Macklowes stood to lose....Dear Macklowes, It may be time to clear the decks of these personalities because, as many of us know, you have the intelligence, creativity and foresight to have an empire that many in your field could only dream of developing themselves. The problem is not with buying at the top of the mkt or the buildiings themselves, it is quite simply the people who advise you. I look forward to your comeback, bigger and smarter than ever before.