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'Jerk' Insurance Soothes Property Sellers Amid Recovery Signs

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ONLY FOR BIG-TIME JERKS, THOUGH
"When developer Donald Trump sold apartment buildings in Brooklyn and Queens, he says he demanded terms that restricted the buyers from reselling within five years. “I don’t want to look like a jerk,” he said," Bloomberg reports. "Sweeteners to protect one side in a transaction from looking like a loser have been used by hedge-fund managers William Ackman and Carl Icahn and the Federal Deposit Insurance Corp. They’re helping seal deals amid signs that the worst real estate crisis in 80 years may be easing, said Woody Heller, an executive managing director at Studley, a New York-based commercial broker. Avila, Trump, Ackman and Icahn call the practice “schmuck insurance,” derived from a vulgar Yiddish word that has come to mean “jerk,” “fool,” or “easy mark.”"
SOURCE:   Bloomberg

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