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This Fifty Unit Building Was Built In 1962
The building cost was $2,400,000. The rents produced $300,00, and
returned the owner $50,000 after all expenses.
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The Unit Is Resold
Benjamin Shine borrows $5 million through Jake Gold's First
National, and now pays $5 million to Harvey Taubman. Taubman pockets
$2.5 million and gives Shine the other $2.5 million.
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The Unit Goes Bankrupt After Ten Years
Bennie Shine hasn't put a nickel in the building, but he has
doubled the rents, and taken out a second mortgage for $8 million
(inflation). Now Bennie decides to go Condo, and sells all 50 units.
Buyers are required a $10,000 deposit.
Whoops!! Bennie goes bankrupt.
- $3,500,000 ..... Kick-back on the first sale
- $8,000,000 .... On the second mortgage
- $ 500,000 ..... Condo buyer's deposits
- $2,000,000...... Imaginary expenses and inflated bills over
10 years
Naturally Bennie has stiffed everyone from the janitor to the
banker, and has no idea where the $14 million is.
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Here Come The Payoff
Leona Bladderstein decides she is going to tear down the old
building and build a 500 unit condo unit, at a price of $750,000 each.
She tells the bank it is stage one of the new Bladderstein Gardens
condo complex.
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Ben Weisman At The Bank Of Boston
Bennie arranges a first pre-construction loan for $30 million.
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Time To Go Big-Time
Leonna approaches Ben Weisman for a $300 million dollar loan to
partially fund "Bladderstein Gardens", an entire complex.
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The Advent Of The Real Estate Investment Trust
In the late 1970's the Lehman Brothers, Muriel Siebert, and
others were hustling the REIT stocks. A REIT is a stock fund that
buys mortgages, and you own the stock, rather than the mortgages
directly.
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The REIT Magnates
Ms Bladderstein would approach someone like Sammi Zell, and
whamy, she would get $300 million from his Real Estate
Investment Trust.
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The Real Estate Market Tanks
The market tanks, Bladderstein Gardens goes bankrupt, and no one
gets a nickel. Here is the price tag.
- $ 25,000,000 .........Condo Deposits
- $ 290,000,000.........Bank Loan
- $ 300,000,000.........Real Estate Investors Stock Trust
- $ 20,000,000.........Individual Contractors
- $ 18,000,000 ..........Construction Company
$ 653,000,000.........Has Vanished
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These Scams Are Very Involved
A lot of the money will wind up offshore, and never gets traced.
Just the everyday construction is peppered with crony fronts, where
the general contractors are Zionists using cut rate immigrant
contractors and inflating the bills.
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Even The Chauffer Gets Stiffed
It seems old Leona assets are offshore, and her mansion was sold to
her son, who still lets her live there. Naturally her chauffer of 30
years must take a pay cut.
Why? Because that is what they do.
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