Sam Zell told the REIT (Real Estate Investment Trust) Industry in San Francisco, “Open Kimono, total transparency.” That was the key to success for REITs, said the chairman of Equity Lifestyle Properties (ELS), Equity Group Investments (EGI) and Equity Residential (EQR). Zell said that when the government passed the original REIT Act, the purpose was to create an opportunity for the “little old lady of Pasadena” to be able to invest and own a piece of America’s commercial real estate. “The whole concept that we were wrestling with in 1993 was how we could fulfill that objective.” globest tells MHProNews. “If you believe that the US position as a reserve currency is very important, than you have a leadership responsibility to take steps to protect it and I don’t think it is happening, and the risk is huge.” words that echoed our earlier report, “Our Way of Life is Very Much Threatened.” Zell add that “Every time the Government interferes and try to deter the rules of economics, it doesn’t work.”
