The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own.
Tuesday, March 06, 2007
Citadel wins bidding for ResMae
Citadel Investment Group agreed to buy ResMae Mortgage for about $180m, beating out Credit Suisse Group in a last-minute auction for the bankrupt mortgage lender, reports Bloomberg. The Chicago-based hedge-fund manager will pay about $20m for ResMae’s lending business and 98.5 cents on the dollar for the company’s $160m loan portfolio, said Ron Greenspan, a financial adviser for ResMae’s creditors. The sale price is still less than half what Credit Suisse bid for ResMae as recently as December, illustrating the swift deterioration of finances at companies that specialize in home loans to borrowers with poor credit.
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