Thursday, November 20, 2008

Schadenfreude by proxy

So the mall business isn't a great place to be these days. The second biggest operator in the country, General Growth Properties (GGP) is trading at about $0.30 a share, and reportedly just hired bankruptcy counsel, which rarely augurs well. While a sad commentary on the state of the American consumer and a case study in how overleveraged companies underestimated risk, the silver lining in the GGP story, if you're still a little bit raw about the whole Iraq War thing, is that Tom Friedman's wife is a member of the Bucksbaum family which owns a quarter of the company. So much for the family fortune.

Hence the Atrios headline: "Suck on this, Tommy Friedman"

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