Andy Beal articles are still popping up about his recent cash-in from buying up mortgage-backed securities for cents on the dollar. Ironically, the banker made a smart conservative move by waiting out the loan balloon trends while other banking institutions gambled away billions (followed by the infamous debt assistance). I say gambled because the banks approved a lot of high risk loans.
Unfortunately, Beal’s prudent banking policy landed him under investigation for not following the risky herd. Basically, Beal passed on the over glorified AK, waited for AA and picked his spot. The result? He isn’t walking back to Houston or as I like to call AK… walking home. Beal increased his banking bankroll, however, he was frowned upon because he didn’t help fuel the economic crisis. According to The Business Insider:
These days Beal’s still fairly pessimistic and predicts that about half the country’s banks, 4000, would go bust if they were being honest about their books.
Thanks to Amy Calistri and Jason Kirk for their reminder posts and my father-in-law for passing who originally sent me the good story.
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