|
Even the Rich Are Treating Their Houses Like Piggy Banks
JOHN R. EMSHWILLER
Wall
St Journal
Tuesday, Nov 10th, 2009
In recent years, millions of Americans looked
at their houses and saw big, fat piggy banks. And it occurred
to them to take out big, fat new mortgages.
Few did it on the scale of Ronald Burkle.
Mr. Burkle, the grocery-store billionaire, has $56 million
in loans against two houses, including $9 million added last
year. One is his iconic Beverly Hills mansion, "Green Acres,"
a 44-room Italian Renaissance palazzo built in the 1920s by
silent-film star Harold Lloyd that more recently was a favorite
overnight rest stop for Mr. Burkle's buddy, Bill Clinton.
Mr. Burkle declined to say how he is using the money. There
is no indication he needs it to pay the water bill.
Traditionally, the super-rich didn't really bother with mortgages.
Home loans were for people who carry lunch buckets, not captains
of industry.
Full
article here
"When the people find they can vote themselves
money, that will herald the end of the republic."
- Fall Of The Republic - Buy
the DVD here
|
INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
|
|
