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How do you loose 70 million dollars in property? Really, how did he make that much and yet be so unsavy to loose it all? Thats pretty weird. Sounds like more to the story than meets the eyes.
I think everyone should take advice from him.
http://www.updown.com/BERKSHIRE-HATH...tock-tip/28157Originally Posted by tmleadr03
Who are you to want to escape a thugs bullet? That is only a personal prejudice, ( Atlas Shrugged)
"Those that don't watch the old media are uninformed, those that do watch the old media are misinformed." - Mark Twain
never said he wasn't a dick, he may very well be
point being his investments and the properties that he developed include apartments, shopping malls, large subdivisions,
he put a lot of people to work, everyone involved in a deal like that from the real estate professional to the janitor that cleans the place now, we need more people like him these days or have you not seen the unemployment numbers. if more people like him have this trouble more common people will also have trouble.
I cannot fault him for being a business man, most millionaires have gone belly up at one time or another.
you don't get ahead without the risk, win some lose some.
even trump went belly up.
I will say it again, I am not going to relish in his loss anymore than i would relish in MTN man going broke. it is a shame for anyone. to work for a lifetime and have it slip away. i dont mean cause you were a dick at work and got fired, but to make something from nothing and have it slip away.
Hate him if you want, but he had to work hard to get even close to having the success he has had.
Money won't make you a better person, but as one who has never had a thing handed to him i know what it takes to start businesses from scratch and have even a little success.
Self control: The minds ability to override the body's urge to beat the living sh.. out of some ass.... who desperately deserves it.
The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.
Thomas Jefferson
Obama, so full of crap it is a miracle Air Force One can even get off the ground,
What about all the people he is hurting by not paying his debts? You can't have a bankruptcy that doesn't hurt someone. Other people could be losing their homes because of him. Or losing there retirement because he risked too much. I have no sympathy for someone with that much income going bankrupt because he couldn't run a business. You can't default on 70 million without someone taking it in the shorts. He borrowed the money he lost.
This^^^
The biggest hypocrite is one who takes money for it. He (is or was) profiting off the the steeple thinking he did it for them in reality he did it for $$$$.
thrue the investor is losing money, most likely a bank, not to defend it but the bank made the loan and took the risk. that is what they are in business for.
Self control: The minds ability to override the body's urge to beat the living sh.. out of some ass.... who desperately deserves it.
The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.
Thomas Jefferson
Obama, so full of crap it is a miracle Air Force One can even get off the ground,
He charges 5k just to get on his list, he married his second wife and then ruined her ex's successful business thru negative dissing of his business.
He will screw you if you don't pay your monthly fees to him,,, etc. etc.
Tom is on Pete's show right now talking about his bankruptcy. He explained about the loans and the property devaluation and how that impacted the loans, he also said he had a spending lifestyle and nothing much to show for it. Tom is a human just like the rest of us.
If you want to direct your animosity toward something, direct it to Congress, Dodd and Frank to be specific and the Community Reinvestment Act. The CRA forced banks to make home loans to poor people who would never be able to make a house payment and the government backed these loans with your tax dollars. Now all those properties are in trouble thanks to the liberal idea that everyone is entitled to a home. The CRA is a huge part of the residential real estate problem this country is in now and the government caused it.
How many of you have homes that aren't worth what you took the loan out for? I'm just starting to come even after a couple of years of being underwater by upwards of 15k, the reason I still have my home is because I can make the payments and I have been able to ride it out so far. Now if the economy continues to lag my home value will probably drop again and I'll be underwater again, hopefully I'll be able to keep my job.
Tom is taking questions.
Last edited by roberth; 09-15-2011 at 08:25.
He's not 70M under, he is 40M under. The reporter doesn't know how credit works AND they are trying to sensationalize the story. So much for due diligence by the reporter.
You have to remember property values were much higher when Tom took these loans and now those property values are much lower.
The banks want the money they loaned back naturally but the property values don't match the loan value currently, now the banks can wait and see if the values go up or they can recall the loans. The banks chose to recall the loans so Tom has to declare bankruptcy.
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