Wednesday, May 20, 2009

Caned!

This would be funny if it weren't so sad...
Posted by at

5 comments:

Demetrius said...

Those of us who are paying for all this do not think it is sad. If these people have damaged so many rather poorer ones in their progress, there is an inclination to believe they had it coming to them.

9:08 am, May 21, 2009
DriveByOpinion said...

I suspect the "sad" part of "This would be funny if it weren't so sad..." is not referencing sorrow for the bank or mr. caner (I'll give the man a "mr." but no capital letters... yup I'm petty). I believe sad is being used in place of "utterly pathetic with a side of sorrow (for all of us) that this situation was ever allowed to occur in the beginning."

There are so many things in this story that are disturbing. In my mind all boils down to a complete lack of personal accountability.

On the flip side, you have to admire his "can do" attitude? I mean he clearly failed at investing in real estate but wants to get right back into the game. We should all take a lesson about not letting utter and total failure deter us. When reality comes a calling just don't answer the door.

Sad...

2:01 pm, May 21, 2009
Chris (i-cjw.com) said...

"he began property investing in 2003 after reading that rental incomes easily covered the borrowing costs for buying buildings"

It's hard to see how such an obvious, well thought-out strategy could go so wrong....

2:38 am, May 22, 2009
Anonymous said...

Demetrius - 'tis sad that everyone must pay for this.

DiveByOpinion - Your first part is correct. Utterly pathetic on all accounts. As for disturbing, most fall into the category of agent-principal problems. Not Caner's money (naive investors), not even investors' money since it was likely allocated by FoFs or other agents, many of whom were conflicted; not banks money since the loans likely were quickly securitised, not the buyers of securitised products money who were agents for an insurance co. relying upon third-party ratingor a hedge fund reaching for yield extending the daisy chain of agent-principal dilemmas.

His attitude is admirable in a pathological sense. This should sound loud red sirens and other warning bells to all sensible principals before the fact, and certainly after. This was not a case of best-laid plans ambushed by a conspiracy of circumstance, but idiotic plans sitting atop an absurd capital structure waiting for the first gust to level the strucutre.

Chris - That was precisely the phrase that made me laugh out loud when I read it the first time. Caner makes Jurgen Schneider look diligent....

-C

3:43 am, May 22, 2009
Anonymous said...

You are all getting it wrong. Caner is clearly a WINNER, from how he made a lot of money for hismelf. He should be given honorary USA citizenship and then nominated to be USA housing czar in Pailn's next Republican administration.

6:57 am, May 22, 2009

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