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...motor for profits. "We truly went into this trying to turn housing that was run very, very poorly by slumlords into affordable working-class housing, and to be portrayed like this is somewhat upsetting, to be quite frank," says Richard Mack, who works at AREA Property Partners, a $9 billion partnership, with his father William, who got his start in 1963 with a 5-acre plot of New Jersey swampland. The turnover targets were perhaps "more aggressive than people think they should have been," but he says, "Life is too short for us to have done this, with this small...
...years. But tenants fought back and won in a court decision that also undercut plans for using city tax abatements to further sweeten returns on apartments pushed into luxury decontrol. The upshot, according to a recent Deutsche Bank analysis, is that the property, purchased in late 2006 for $5.4 billion, "would fetch less than $2 billion if sold into the current dislocated market." It added that the most natural buyer was MetLife, the insurer and original owner, in part because it represented "patient capital...
This week the largest financial firms in the nation have been reporting how they did in the last three months of 2009. In two words: not good. Citigroup and Bank of America lost roughly $8 billion and $5 billion, respectively. The credit-card and mortgage businesses of JPMorgan Chase, which reported their earnings last week, were a disappointment. Wells Fargo posted a profit, but nonperforming loans and related charge-offs both jumped. Morgan Stanley turned a profit in the fourth quarter, but it was less than what analysts expected. Even earnings growth at Wall Street powerhouse Goldman Sachs somewhat slowed...
...This comes just months after Carr dismissed an initial $16.3 billion approach from Kraft as "derisory." But when Kraft sweetened the terms of a deal - by raising the amount of cash it was offering alongside its own shares - it proved too difficult for Cadbury to resist. At $13.91 per Cadbury share, a 7% premium over Friday's closing price, the new deal is expected to win shareholders' backing before the deadline for approval expires in two weeks. Buoyed by that prospect, shares in Cadbury rose more than 3% in trading on Monday, to $13.70. (See pictures of what the world...
...government said it would spend $176 billion on reconstruction by 2011. (The total recovery cost is estimated at $250 billion.) As of last June it had already spent more than $50 billion. Some of the expenses have been shouldered by other parts of China. Twenty provinces have set aside 1% of fiscal revenues for two years to help rebuild Sichuan. That's another advantage that China has over Haiti. As a large nation with a rapidly growing economy, it can divert money from more prosperous areas to aid one devastated region...