Wednesday, Dec 16, 2009

Some of them even did their 'homework'.

The Independent: Dubai: Empty eastern promises

There is a definite hint of schadenfreude about Dubai's financial turmoil. All those investors buying into a glittering desert city, that crumbled to dust – more fool them many will think. Where else in the world would you see plans for an air-conditioned beach or a glut of six and seven star hotels? However, the situation is no joke for investors who aimed to make a small fortune selling off-plan properties or those who simply wanted to live or retire in the sun. Property prices have fallen 50 per cent from their peak, leaving the developments they bought into left unfinished, and the companies they trusted their life savings with nowhere to be seen.

Posted by landedgentry @ 03:26 PM (1183 views)
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1. Donkey2409 said...

On the one hand you have to feel sorry for people who have lost money, but on the other hand why would
anyone invest in somewhere as obviously and profoundly, dodgy and morally questionable as Dubai?

Wednesday, December 16, 2009 04:48PM Report Comment

2. icarus said...

In a con one of the hallmarks of the mark is that he doesn't bother to kick the tyres himself - somebody else said it was a good deal.

After the sting he says "How could I have known".

"I relied on the Dubai government". If Bernie Madoff owned a country it would look like Dubai.

Wednesday, December 16, 2009 04:54PM Report Comment

3. Bigmace said...

Emerald City springs to mind

Wednesday, December 16, 2009 06:05PM Report Comment

4. crunchy said...

If Bernie Madoff owned a country it would look like Great Britain.

Wednesday, December 16, 2009 06:26PM Report Comment

5. crunchy said...

“No one has ever made a Ponzi scheme pay off for so long,”

Wednesday, December 16, 2009 06:32PM Report Comment

6. Alfie said...

Would anyone have sympathy for me if I blew 50 grand in the casino? NO

So why should we for anyone who invested there or any property for that matter, just greedy naive people wanting to make a quick buck... lessons learnt... you hope

Wednesday, December 16, 2009 07:42PM Report Comment

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