Wednesday, October 24, 2007

That Irish property market: a case study

1. Solicitor, who one might think is busy enough with his legal career, gets loan of €9m

2. Loan is secured by 20 properties which solicitor says he owns. No one wonders why solicitor owns 20 properties.

3. 6 weeks later, €9m is spent.

4. 6 weeks and a few days later, lending bank discovers that solicitor doesn't own many of the 20 properties.

5. Solicitor promises bank to send fax showing that that he has title to some of the properties.

6. Solicitor disappears.

[full details here]

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