In a recent telephone conference with Gabor S. Acs, the world's first trillionaire on paper, Michael R. Mastro refused to sign an offer to buy his entire real estate portfolio for $500 million subject to debtor in possession (DIP) financing from a well known Hedge Fund Manager in New York.
Acs, aka "The Penny King
", once used to borrow money from Mastro to buy foreclosures in the late 80's and early 90's during his heyday as a mortgage banking
broker. He used to do some of Mastro's bidding at Trustee Sale Auctions
! Now the tables have been overturned and Mastro is being forced and cajoled into bankruptcy by several dozens of banks who are also virtually bankrupt while the FDIC becomes itself insolvent
with less than enough to cover all these bank failures! "These banks have gone insane with their lending policies and their collection practices and it will be the entire industries undoing," said the Penny King during an exclusive interview for Associated Content!
Mastro owes more than $400 million to roughly 40 different banks, most of them in Washington State, according to public records.
Many of these banks are publicly traded and the United States Securities and Exchange Commission has been negligent in investigating and arresting the ongoing fraud being committed by these bankers which continues to stifle the common cents of the people.Cascade Bank, Sterling Savings Bank, Golf Savings Bank, Washington Trust Bank, Columbia State Bank, Venture Bank, First Sound Bank
, Banner Bank
, HomeStreet Bank and at least three other banks have demanded payments in one lump sum of more than $29 million according to other sources in the local media.
Other creditors include Wells Fargo and Bank of America. Wells Fargo is owned partially by Warren Buffet's Berkshire Hathaway
which has been under continuing investigation by the International Bank Activities Reform Commission for insurance fraud in various countries including some tax havens!