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Article: How Lehman Brothers Veered Off Course; Investment Bank Prided Itself on Real Estate Expertise
- Article from:
- The Washington Post
- Article date:
- July 3, 2008
- Author:
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Copyright informationThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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If you want to see what's wrong with Lehman Brothers, the
investment bank with a storied name but a troubled present, you need
to leave the canyons of Wall Street and head to the flatlands of
exurban Bakersfield, Calif., some 120 miles northeast of Los
Angeles. That's where you find McAllister Ranch, envisioned as a
6,000-home, multibillion-dollar recreational community.
As you approach the "ranch" after a nearly two-hour drive from
L.A., you come across an expanse of rough scrub dotted with
tumbleweed, intermittent oil derricks and the odd skittering rodent.
You pass a billboard -- "opening soon" -- pitching new homes
built around a Greg Norman-designed golf course and promising ...
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Article: Leaders of Real Estate Launch Real Estate Roundtable.
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......policymakers' time and attention is intense, real estate related issues are far more complex than they...years ago, and the increasingly global nature of real estate demands greater involvement by top industry...the concerns and interests of every segment of real estate. By building ...
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