Lunchtime Links 10-23
Macklowe’s Worldwide Plaza Successor wrestles towering dilemma (Bloomberg) “The partnership [that bought Macklowe’s busted property] paid $370 a square foot for Worldwide Plaza, while competitors paid $1,000 a foot or more for similar buildings at the height of the five- year U.S. property boom.” That means they can drop rents to $30-$50 per sq foot from $80-$100 that was common not long ago. That’s bad for CMBS holders and banks who own the debt on busted properties, but fantastic for folks in the real economy who suddenly have much more money to spend on things besides rent. But instead of allowing price adjustments like this to happen, policymakers scream “deflation” and institute all manner of spending schemes to prop up asset prices.
The payroll hidden in plain sight (AAO) A rare blog entry from accounting expert Jack Ciesielski.
John Meriwether is back, risk must be too (Ed Harrison) He blew up his first fund, LTCM, in the late ’90s. He blew up his second fund last year. Now he’s back for thirds. No doubt he’ll find some investors stupid enough to back him…
Man staged nearly 100 car crashes in cash scam (Reuters) Interesting gig.
Religion flowchart (holytaco)
Cirque du Soleil trampoline practice (We get the point after a minute, but it’s pretty cool)