Andy Beal articles are still popping up about his recent cash in buying up mortgage-backed securities for cents on the dollar. Ironically, the banker/poker player made the conservative move waiting out the loan balloon era while other banks gambled away beeeallions (followed by the infamous debt assistance). Sadly, Beal’s prudence landed him under investigation for not following the herd. Translation… Beal passed on the over glorified AK, waited for AA and picked his spot. The result? Well, he isn’t exactly walking back to Houston or as I like to call AK… walking home.
While Beal moved on to increase his bankroll, it’s sad 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 posts and reminder. And my father-in-law for passing on the good story.
Photo Courtesy Amy Calistri




