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A senior member at a major real estate investment firm, who described Mr. Macklowe as a friend and asked not to be identified so as not to jeopardize their relationship, said the developer has "assets with enough value to pay off his bridge loans".
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Banks often have assets with a fixed rate of interest but pay a floating rate on their liabilities.
Hip-hope ReprintsHe has done well enough to have had assets with Lehman Brothers in London that were frozen when the investment bank failed, leaving him "broke a bit, too".
After its announcement of $18.4bn in profits last quarter it now has assets totalling $293bn, with $205bn of that in cash.
GE Capital has assets of more than $370 billion with customers in 47 countries.
But they have assets, like mortgages, with interest payments contractually linked to the interest rate.
But they have assets, like mortgages, with interest payments contractually linked to the central bank's policy rate.
By the time of his retirement in 1949, Sinclair Oil was said to have assets of $1.2 billion, with earnings of $68 million.
Ao allegedly had assets not commensurate with his earnings: Ao and his wife earned 14 million patacas from their official posts between 2000 and 2006, yet had accumulated assets totalling 804 million patacas (US$100m), equivalent to 57 times their earnings.
It is time to venture on a new path away from reckless monetary policy, which has provided some economic relief but overall benefited those who had assets to begin with.
SHEDDING SOURED ASSETS The Federal Reserve Bank of New York announced on Thursday that it had sold assets with a face value of around $7 billion from its Maiden Lane II vehicle to Credit Suisse.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com