Other People's Money
Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made
By Charles V. Bagli
(Plume Books, Paperback, 9780142180716, 402pp.)
Publication Date: March 25, 2014
List Price: $17.00*
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Real estate giant Tishman Speyer and its partner, BlackRock, lost billions of dollars when their much-vaunted purchase of Stuyvesant Town-Peter Cooper Village in New York City failed to deliver the expected profits. But how did Tishman Speyer walk away from the deal unscathed, while others took the financial hit--and MetLife scored a $3 billion profit?
Illuminating the world of big real estate the way Too Big to Fail did for banks, "Other People's Money" is a riveting account of politics, high finance, and the hubris that ultimately led to the nationwide real estate meltdown.