Think about it: Could anyone in the world, even the most ill equipped failsons & daughter, rack up this streak of failures? In a decade of economic growth and booming real estate?
So my theory: the projects are meant to fail. Another possibility: the projects are not intended to succeed. Because they are not about building buildings.
“respectable” banks like ones that rhyme with Schmeutsche Schmank.)
No.
That would bring too much scrutiny. Serious lenders would want to lend against it, and want to scrutinize the books. Regulators and tax authorities would come a’callin’.