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Rene Benko’s wild ride at the helm of Signa

Lots of real estate bought with cheap money, problems ariving……and then the tell:

Early backers included the diamond dealer Benny Steinmetz

Ah, yes, the wheels were going to come off that one then.

Buying lots of real estate with cheap money could well work, of course. As long as te debt was paid down before interest rates rose. That means calling a halt to expansion. Which isn’t what happened and isn’t what we’d expect to happen given that involvement – according to my prejudices anyway.

1 thought on “Ah”

  1. Prejudices? Ah:

    “Diamond tycoon Beny Steinmetz is owner of BSGR, an embattled mining company with a presence in Guinea and Sierra Leone. BSGR is under investigation in … ”

    “Israeli mining magnate Beny Steinmetz has been conditionally released from custody in Cyprus and is to reappear in court on Sept.”

    “A Swiss appeals court said on Tuesday it had upheld a guilty verdict for corruption against mining magnate Beny Steinmetz, who was sentenced …”

    Reminds me of the old definition of a gold mine as a hole with a liar standing at the top.

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