America's Largest Mall Owner
Declares Bankruptcy
The Fabulous Burksbaums Owned
It
The Original Founder Is Marty
Bucksbaum
The Company Is Run By His Son,
Jonathan Bucksbaum
Retirees Lost $18 Billion As
Burksbaum Stock Collapsed
Bondholders, Vendors, Employees
Get Stiffed For $29 Billion
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The Company
General Growth Properties is the second largest shopping mall
owner/operator in the United States, trailing only Simon Property
Group. The Chicago-based real estate investment trust (REIT) is also
the largest third-party manager of regional malls. GGP is
primarily owned by the founding Bucksbaum family.
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Who Are The Bucksbaums?
The family originated in Poland, then fled to Romania, and arrived
New York around 1890.
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The Real Estate Founders
The company was founded by two brothers, Martin and Matthew
Bucksbaum, in 1954. Both were draft age but there are no war records.
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The Second Generation
Jonathan Bucksbaum runs the company today.
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Noted New York Socialites
The Bucksbaums were no longer Polish refugees from the Krakow
Ghetto, today they are bluebloods.
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Whoops!
It seems the fabulous Buckbaums failed to see the real estate
collapse. So far there is $30 billion in debt, and another $18 billion
in stock that has 'Vanished'.
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How Is it Done?
It doesn't take a brainchild to see the real estate show was over.
So how does a real estate developer bail out?
- REITs ...................... Real Estate stock trusts sold to
the public.
- Refinancing ...............You see Shem Berg at the First
National and take out a series of loans.
- Sales to Associates... Jakob Fine goes to the bank, borrows $25
mil, and buys your mall.
- Bankers.................... All the money comes from bankers,
and when the loans go bad, they get bailed out.
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What About The Malls?
The loans defaulted so the banks collapse, so American taxpayers
have to bail out the banks. Now the Federal Government owns the malls,
and they resell the mortgage for ten cents on the dollar. Naturally
the Federal Mortgage will finance the transaction..
The buyers will be newly formed corporations, and other Zionist
owned mall runners, like Simon properties.
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Creative Accounting, Friendly Bankers,
And A Stock Market
This is just the lead-up to the greatest wealth transfer
in history.
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