World Wide Plaza (Wikipedia)
New York Commercial Building gets Marked to Market October 6, 2009 PBS News Hour ~ Youtube (5:53min)
An office and retail tower in Midtown Manhattan was purchased in 2007 by World Wide Plaza for approximately $1.7 billion as part of a package of properties totaling $7 billion. The banks who put up the financing approved the deal and allowed the purchaser to put down only $50 million (3%)!
2 years later the owners, could not refinance their term first and second mortgages and gave the property back to the banks who then sold the previously valued $1.7 billion property for $600 million, a 65% or $1.1 billion loss.
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'