According to today’s New York Sun, Eliot Spitzer, the disgraced former New York State governor once heralded as Sheriff of Wall Street, is mulling launching a distressed real estate fund.
The story, quoting an unnamed source, says Spitzer has already made a presentation to potential investors, noting that he wants to take his father’s “ailing real estate company to the ‘next level.’” You don’t necessarily need a Series 7 when working for an asset manager, but, if you solicit investors, you should probably get a Series 7. But, given the laws Spitzer allegedly broke in transporting a prostitute across state lines, would Spitzer be allowed to get a Series 7 under Section 15 (4) of the Securities Exchange Act of 1934 ?
The unprecedented seems to happen all too frequently in financial markets. Is there something wrong with the way financial advisors build their clients' portfolios? "Post" Modern Portfolio Theory says yes, and it's gaining currency...
• Create value from dormant assets such as appreciated stock and real estate,
• Guarantee lifetime income for the donor and beneficiaries,
• Retain assets that might otherwise be liquidated due to tax and estate-planning decisions, and
• Build a charitable legacy...
