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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (44585)	11/29/2001 6:23:34 PM
From: rocklobster	Read Replies (1) \| Respond to of 65232

One of the most appaling things about the S&L crises was that all the hard assets of the failed savings and loans went into the resolution trust corp. which sold the assests back at pennies on the dollar ....often the the very same people who had bilked the savings and loans out of the money for overvalued properties to begin with. I'm in the real estate business here in Arizona, and am currently developing part of a ranch which was sold in a sealed bid auction by the resolution trust corp for 1.8 million dollars.. they, (the resolution trust corp) had been offered 8 million for the ranch( 5000 acres of developable land) by a prominent developer 2 years prior to the sealed bid auction and turned the offer down. Although one has to consider that one of the primary drivers of the savings and loan debacle was the tax code re writing by Reagan in 87 which did away with all kinds of real estate tax shelters and basically made many of those investments worthless, which in turn caused the investors holding them to just let the bank have them...... but your point is not missed.. there was a lot of blatant ripoffs which went on before and after the savings and loans collapsed. I took a flyer on some Enron yesterday at .66 cents..LOL.. not surprised to see it down fifty percent today. this one seems to have a solid floor at zero.. I really feel for those people that worked there and had their hearts and souls, not to mention their financial futures tied up in that mess. rok