Hey Gordon Gekko, maybe greed is not so good after all. Looks like a lot of your old Wall St. cronies are in a world of pain after gorging on greed and experiencing a delirious high on OPM (other people's money) for the past decade or two. Now a few power players are seeing the world through vertical bars and have given up their Palm Beach glow.
A bit closer to home, and my profession, a few real estate related professionals (I use the word loosely, and we won't even mention the Big Boy Bankers) and others involved in the housing market fiasco are being scrutinized for their actions during the wild housing feeding frenzy. The sharks were definitely playing in the real estate pool.
Placing the investigative microscope in any micro market would surely uncover a shady deal or two. Those shadowy deals are not always sealed in smoke filled rooms; many are closed with Power Point Presentations and promises of future rewards. Can we all say collusion? When done on a grand scale it damages the economy and threatens the stability of a nation. When executed on an individual deal it often slips beneath the radar, but if someone gains too much, someone else loses too much. Knowing your "too" (and the law's) will keep you out of the dirty pool players.
I learned early in my real estate career when to say, "No." I want to feel good about the work I do. I also like to sleep at night.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
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Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333
PalosVerdesLifestyle- Norma's award winning site as the best Palos Verdes homes and real estate blog since 2007. Selected by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Awarded 5 out of 5 stars by Lender411 blog review. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach. Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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Good article. We learn a lot from posts on Active Rain. Thanks.
That is unfortunate that people's minds/checkbooks/investments go directly to the "Profit from Problems" pool....it is what happens all too often and let's hope that whatever is shady has the bright light of the law shine harshly, screamed loudly and everyone learns from others "mistakes" .
Norma, I'm beginning to hear some rumors of investigations going on in my area as well. Both in the lending world as well as with Department of Licensing with agents. I'm sure it's a daunting process but hopefully once a few (or more) examples are made people will get the mesage!