Word: bankes
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...ongoing parlor game in Madrid now is betting who's going to succeed Emilio Botín whenever he decides to step down. Santander was founded in 1857; a Botín has run it since 1920. Current chief executive Alfredo Saenz came to the bank when it bought Banesto in 1994, bringing the Parthenon operating platform with him. He's very smart and at most other banks he'd be a shoo-in. But Botín is a dynastic kind of guy, and his daughter Ana Patricia, 49, currently heads Banesto, which is still run as a separate...
...Qaeda no longer pull off the big one? For one thing, it's under more pressure. In preparing the 9/11 attacks, the hijackers and their bosses took dozens of international flights and repeatedly opened U.S. bank accounts under their own names. Al-Qaeda operated a document center at the Kandahar airport. All that would be virtually impossible today, as hordes of counterterrorism officials scrutinize financial transactions and cell-phone calls, and drones track al-Qaeda leaders around the clock. And while government no-fly lists remain flawed, at least they exist. Today, the number of suspected terrorists prohibited from boarding...
...train wreck in slow motion," says Richard Parkus, head of commercial real estate debt research at Deutsche Bank. "Because it's in slow motion, people get this sense that it's really not happening. It is happening." To get a sense of just how the train wreck is unfolding, I took a tour last month of the warehouses and industrial parks of eastern Los Angeles County. Chris Bonney, the president of the City of Industry, Calif., office of commercial brokerage Lee & Associates, was my guide (and my driver). With the phenomenal growth of foreign trade passing through the ports...
That's one common predicament. A few miles to the east, Bonney pointed out a dusty lot that represented another stage of real estate pain. The bank that financed the purchase of the lot had decided to bite the bullet and take possession of it rather than give the developer a construction loan for a building no one would occupy. There already was a newly constructed - and empty - building across the street. The bank that made the construction loan for that building would soon have to decide whether to "extend and pretend," as the industry saying goes, or take...
Industrial properties are just one segment of the commercial market - the others being offices, retail sites, apartment buildings and hotels. But the problems Bonney showed me apply across the board. First, commercial mortgages are about to hit a refinancing wall. Deutsche Bank's Parkus estimates that more than 65% of the loans that have been packaged into commercial mortgage backed securities won't qualify for refinancing when they come due. Second, banks are already facing painful choices about what to do with short-term land and construction loans that will never be paid off in full. Finally, the vulture investors...