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Any kind, collateral, non-collateral. They don’t have collateral. Now does the FDIC even know how much risk they’re bearing 0 when all the assets are so encumbered that they’re all pledged as collateral? In this country, we subsidize homeownership only if you borrow through taxes. RITHOLTZ: Right.
And Goldman was the size of a lawfirm back then. And I mean, it was literally like the size of a lawfirm, not a giant global institution. And if they don’t need a loan, we can lease them their own building back in a net lease, and have both the credit of the company and the real estate as collateral.
He is the founder of MarketCounsel, which is one of the leading firms in that space, as well as the Hamburger LawFirm. So clearly you see the overlap between being an attorney, understanding the intricacies of securities law. HAMBURGER: So, what I realized is that people were intimidated by lawfirms.
Tax cuts and fiscal stimulus, what’s not gonna be good for 00:25:03 [Speaker Changed] Equities. And if somebody has a big loss and it drops way below the, the collateral they put up, that loss gets spread out. If someone loses money, we liquidate the collateral, they’re done. He sleeps for six hours and comes back.
We dive deep into all sorts of things about running businesses, managing risk, and then when we began talking about his public sector service, we went deep into the Tax Cuts and Job Act of 2017. And by the middle of December we’re already starting to talk about taxes. We know that we want to get tax done.
Listen, if a few kids have to die in order for our profit margin to expand, that’s just a little collateral damage. Let’s talk about the state tax advantage. Tell us how they push the envelope with state sales tax. Sears would have to charge 8% sales tax in New York. Toughen up. So talk about arbitrage.
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