The $2 Billion Mall Rats

ajacobson · Dec 26, 2020

https://www.esquire.com/news-politi... -- High Minus Dormant and 90 Day Non Openers

aqtrader · Dec 26, 2020

interesting but similar stories for "successful" short sellers

themickey · Dec 26, 2020

I like this bit...

COVID-19 also revealed a dirty secret hidden in the crawlspace upon which many commercial mortgage-backed securities were built. A University of Texas at Austin study published in August claimed that banks knowingly inflated underwriting income for $650 billion worth of commercial real estate mortgages issued between 2013 and 2019, including by 5 percent or more for nearly a third of the roughly 40,000 loans. “A well-documented historical pattern is that fraud thrives in boom periods and is revealed in busts,” the university researchers wrote, adding that end investors were unaware of this hidden risk, a deception akin to buying a Ferrari secretly outfitted with a rusted-out Kia engine. It could be argued that CMBS had been a magic trick all along, with big banks one step ahead, luring investors to pick a card from a rigged deck. It took a global pandemic—an act of God—to reveal this financial sleight of hand.
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The $2 Billion Mall Rats

ajacobson

aqtrader

themickey