strategic default
Companies use strategic default to walk away from their obligations. Morgan Stanley walks away from 5 buildings in San Francisco last year. Tishman Speyer and Blackrock walk away from Stuyvesant Town and Peter Cooper Village in Manhattan. They just gave the keys to the banks. When companies do this it is good business. But let a homeowner do this and they don’t have any morals. People seem to think that homeowners have an obligation but not a company.
Patrick
1 comment January 26th, 2010
