[Vision2020] Credit Suisse in court to defend loans to resort

[Paul Rumelhart]

Did Credit Suisse hold a gun to their heads or something?

If a loan is more than you can repay, don't take out the loan.  If you 
do take out the loan and you can't repay it, then you can't exactly 
blame the bank.  Business owners should be doing due diligence on these 
loans.  If they were somehow sweet-talked into raising the amount past 
what they could expect to repay, then they should take full 
responsibility for the effects of defaulting on the loans.

Imagine what would happen if every business that took out a loan from 
the bank could sue the bank in court (with some expectation of winning 
the suit) if they couldn't make their payments.

Paul

P.S.  Removed the long list of CCs on your email.  They can subscribe to 
the list if they are interested in responses, don't you think?


On 01/11/2012 04:38 PM, Tom Hansen wrote:
> Why doesn't Tim Blixseth simply knock on Butch Otter's door?  I'm sure 
> the Guv would be more than happy to oblige him.
>
> Courtesy of KHQ at:
>
> http://www.khq.com/story/16499438/credit-suisse-in-court-to-defend-loans-to-resorts 
>
> ------------------------------
>
>
>       Credit Suisse in court to defend loans to resort
>
>
>       //By MATTHEW BROWN//
>
> Associated Press
>
> BILLINGS, Montana (AP) - Attorneys for Credit Suisse are due in court 
> Thursday to defend accusations that the banking giant arranged 
> hundreds of millions of dollars in predatory loans with the goal of 
> taking over luxury resorts in Montana, Idaho, Nevada and the Bahamas.
>
> Plaintiffs backed by Yellowstone Club founder Tim Blixseth want $8 
> billion in damages. They claim Credit Suisse conspired to loan the 
> resorts more than they could repay and then foreclose on them.
>
> The other properties were Idaho's Tamarack Resort, Nevada's Lake Las 
> Vegas and Ginn Sur Mer in the Bahamas.
>
> Credit Suisse says the lawsuit is without merit and motivated by 
> Blixseth's desire to divert attention from the Yellowstone Club's 
> problems. Thursday's hearing is in U.S. District Court in Boise, Idaho.
>
> Real estate firm Cushman & Wakefield also is a defendant.
>
> ------------------------------
>
> Seeya later, Moscow.
>
> Tom Hansen
> Spokane, Washington
>
> "If not us, who?
> If not now, when?"
>
> - Unknown
>
>
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