*Caner… said he began property investing in 2003 after reading that rental incomes easily covered the borrowing costs for buying buildings. *
*His group of investment companies called Level One owes 1.5 billion euros ($2 billion) to creditors led by Credit Suisse Group AG, according to estimates by the German administrator. The two main holding companies defaulted and were placed under court administration in August, U.K. filings show, after the group bought 27,000 units of communist-era public housing in the former East Germany over three years, almost entirely with debt. *
Hair-raising stuff…this little vignette perfectly encapsulates the bubble era.