America’s second largest mall owner, General Growth (a REIT that owns such properties as Boston’s Faneuil Hall) bulleted their CFO, Bernard Freibaum, after he dumped a bunch of the Company’s stock. When I say a bunch, I mean a crap load - 2.95 million shares at a current market value of $30 mil, approximately.
Obviously, Bernard isn’t a putz and knows the numbers better than anyone….he was cashing out his chips as the Company’s future is highly questionable at this point. REITs are highly leveraged and the housing market is being less than kind to them with little access to credit and falling asset prices across the U.S.
October 5th, 2008 at 7:59 pm
Even rats know to get off a sinking ship. I am sure he will be crying himself to sleep on a mattress stuffed with that $30M.