"Lennar Corporation (NYSE: LEN) treats their joint ventures exactly like a Ponzi scheme"
By Tyler Holcomb | 01/09/09 | 09:47 AM EDT | 0 Comments
A for-profit outfit called the Fraud Discovery Institute is currently making waves on Wall Street with a report (pdf) claiming that Lennar is engaged in some rather creative accounting. Lennar's Central Park West here in Irvine is specifically mentioned.
Lennar matters politically in Irvine. Lennar's Great Park Neighborhoods is the financial cornerstone for current Great Park Development, while Lennar's Central Park West is being developed with help from the Straders.
H/T to Dealbreaker, a site that does NOT use Red County posting guidelines.
Update: Lennar closed at 9.00, down 21% for the day. Bloomberg has picked up the story and Lennar has issued a rebuttal.
Update: Lennar closed at 9.00, down 21% for the day. Bloomberg has picked up the story and Lennar has issued a rebuttal.
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0 Comments | Related Topics »Orange County (CA) | Irvine | The Great Pork
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