When we last checked about General Growth Properties in December 2008, it was circling the drain. Now it appears bankruptcy is near. This is a near textbook case of how to take a healthy company – they own more shopping malls than any other company – and destroy it. Management took insane risks, leveraged the company mightily, and it all blew up in their faces. It’s difficult to see how their management had the slightest concern for the company, its employees, or anything else except how to personally profit from the stock rising. And it’s not like they needed the money.
Well, their greed has now destroyed a healthy company and lots of innocent people will lose jobs because of it. Just another sickening example of the rapacious capitalism that has destroyed so much lately. Including itself. They had a goose that was laying golden eggs, but it wasn’t enough, so they killed it looking for more.