On Demand
Realty Check
Thursday, December 18, 2008
New York Times metropolitan reporter Christine Haughney and Michael Stoler, real estate commentator for 1010 WINS, host of the "Stoler Report" and "Building New York" on CUNY TV, and director at Madison Realty Capital, look at the fall-out from the Madoff scandal for the New York commercial real estate market.
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I really have NO compassion for these folks, least of all Real Estate people. So ask Mr. Stoler how the other real estate people will get out of this loss.
Madoff was on the hook for $7B in year end redemptions asked for by his clients. That's when he started fessing up
The point of a Ponzi scheme is that "returns" are paid out to earlier investors with the proceeds of new investment money coming into the scheme (based on the attractiveness of the "returns" made by previous investors).
The "lost" $50BN isn't Madoff's earnings (although he clearly got rich based on his management fees); it's the amount paid out, funded by new cash that sits in the same devalued securities (mortgage securitizations and the like) reported by Madoff to his current investors at their old values....vs the basically worthless value they are 'marked' at today.
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