No surprise at all. How is it that this came as a surprise to our legislators in CONgress? ROFL. They knew, and they know, but they just like the nice little lining that the bankers sew into their pockets so they had to act surprised. That way the sheeple won't get to upset when the sh*t starts hitting the fan, and they can continue their little money laundering game and we can continue to believe we live in a democracy...
April 22nd 2008:
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Originally Posted by sundevilgrad
Will Wachovia even be in business at that time?
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July 11th, 2008:
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I'm not sure if it's been posted yet, but don't get too comfortable with the idea that Wachovia will anchor the office tower. They're struggling, bad. They might not make it out of 2008...
Wachovia Sells Broadway Building in New York City at a Loss
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July 14th, 2008:
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If Wachovia goes under, and there's a chance they will, they will not be the lead tennant at Cityscape. Wachovia has huge subprime and alt-a exposure, as well as massive amounts of subprime auto loan exposure and it does not have the capital to cover the losses they will take on these loans. But hey, don't take my word for it, keep pretending that you're in disneyland and that this stuff is all made up. After all, it's only a mental recession.
Sorry for the rant, but this does have to do with Cityscape. What happens to Cityscape if Wachovia backs out?
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No surpise at all. I think the odds of this tower being finished are about 25%. Probably less. If it does get finished, who's going to fill the void left by Wachovia? I wouldn't be surprised if the developer has a margin call on their loan at this point. They have no major tennant for an office project that just broke ground and the entire world economy is circling the drain. Would you loan them money?
The US economy is in for a crash landing, $700 billion bailout or not. The bailout will just determine whether we crash on land or in water. Ladies and gentleman, the captain has turned on the fasten seatbelt light. We are expecting severe turbulance for the remainder of the flight...