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Gekko

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Now the 70-year-old developer is in the middle of a maelstrom of a different kind. This time it's in the credit markets. Thanks to his personally guaranteeing a $1.2 billion loan last winter, he may lose billions of dollars in real estate, his homes in Manhattan and the Hamptons, his contemporary art collection, and even his beloved yacht. This would be a bitter end to the career of one of New York City real estate's most polarizing figures.

http://money.cnn.com/2008/02/14/real_estate/real_estate_mogul.fortune/index.htm?postversion=2008021513


kaihacker

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Thats pretty interesting.  It seems his mistakes were very similar to Joe Sixpack...

1 - Ignoring the market trend
2 - over paying
3 - over leveraging




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