Re: The survivor

On Tue, 03 Jul 2007 09:23:50 -0000, Sandy Cruden <sandycruden@xxxxxxxxx> in this
message <1183450841.527074.16350@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>
<1183452296.763483.47740@xxxxxxxxxxxxxxxxxxxxxxxxxxxx> from
<1183454630.819629.8600@xxxxxxxxxxxxxxxxxxxxxxxxxxxx> subject as: Re: The
survivor:
wrote/and/or quoted:




Vagabond :
I remember him. He was unusual in that he had not stolen enough from
his loan-fianced projects to face a rainy day, as many of the other
speculators had. The trick was to build Bangkok skyscrapers nobody
needed with other people's money and get kickback from the contracts.

Actually they still do that.

Yes VB he was selling his sanwit in your area of Silom

It was explained to me (by a Thai in the finance area) that one of the
scams going on at the time was, a businessman would approach a bank
manager with a loan application, his collateral was a cheap building
somewhere. the bank manager would grossly overvalue the building on
the loan documents and lend the guy the money he wanted against it,
and for his trouble got a big kickback for himself. It had to come to
an end of course.

IIRC some of the banks had 40% or more of the total loans on their
books as "Non performing" they were technically bankrupt, and who
bailed them out? ....... Lek and Daeng in the street :-(

Sandy
Huay Khwaang

heheheh, k vb, k sc et al,
this is also the "scam" -- legally and risk managemently speaking in malaysia,
not a scam. It is a masterful financial property rubic cube manipulation
'approved" by the banks.government,and business managers.

k vb's citing of skyscraper is in vogue here:

there are hundreds of megacondos, megamalls, squares, valleys, **parks, built
initially with big fanfare of public shares and heavily anchored by overnight
banks. The buildings are up, tenants move in. The "big men" start their "share
shifting, block selling, restructuring and many many other 'legal' jacking up of
the property values to dizzy heights. More shares plough in and more juggling.
Risk managers who know the bottom lines say the bubble will burst in 5 years or
less but the amazing thing is the commoners are euphoric !!! In one square the
big men have moved the bulk of the fund to china. The rest of it is very
confusing for this heart attack man to fathom. ;-((

now, someone is moving from los to malaysia? ;-)))





.

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