As some of you may recall, Deutsche Bank owns a casino1 (and hotel) in Las Vegas called The Cosmopolitan. If it seems out of character2 for the Germans to be proprietors of an establishment whose motto is “Just the right amount of wrong,” where people lay scantily clad around a pool by day and gorge themselves on food and drink before vomiting while waiting in line to get into a club by night, that’s because Deutsche only meant to get into the business of funding the project, not running it. Unfortunately, in 2008 the original developer, Ian Bruce Eichner, had to go and default on his loans, and when it became apparent that no one else wanted to invest in the place, the bank decided to just finish the thing itself, spending an addition $3 billion that went towards things like “a three-story crystal-strewn bar meant to evoke the inside of a chandelier.” Anyway, the resort has been been making slightly more money than in earlier years (while still “post[ing] net losses of around $100 million every year since opening”) and management has decided that as much fun as its been owning an in-house nightclub called “Rose. Rabbit. Lie.”, it’s time to sell. Read more »
No progress—unless you consider this progress. No CFTC report on the things the CFTC reports on, joining all of the other reports that are not coming out. Still no concern that the lack of progress means there will be a default, even if John Boehner is now saying he wasn’t serious when he said he wouldn’t allow a default. Some people smelling opportunity. And a reminder that the Federal Reserve is not reliant on Congressional appropriations in a way that will be obvious to those whose ATMs dispense something other than $20 bills. Read more »
The former Lehman Brothers chief operating officer and close personal friend of Dick Fuld has reportedly put his Lloyd Harbor. For $22 million you get a 15,000-square-foot main house, a 6,000-square-foot guest house, nine acres, 6 bedrooms, 8.5 baths, a 7 car garage, what appears to be a duplex apartment for shoes, and a little piece of history. Plus, you’d read be helping out the guy, who never collected his $230 million in deferred compensation. [Dealbook]
Can't nobody hold me down
Harbinger Global Corp is coming to an exchange near you. Read more »
And if so, do want to wear one that says “I love UBS and I don’t care who knows it” but unfortunately do not work for the bank and therefore were not given a timepiece that says just that? Do not despair. Read more »
curtains made out of...burlap?
In fairness, we don’t know that the American Psycho writer actually has plans to murder anyone for not renting out the place, but it seems logical he might, given that pictured above is the living room/kitchen/bedroom and interested parties may be tough to come by. [Curbed]