The Powers That Be: Daily The Fall of the House of Perelman
Oct 3, 2024
Bill Cohan, a financial expert and author, dives into the tale of Ron Perelman, the former billionaire forced to sell his luxurious possessions for a simpler life. They discuss the impact of the U.S. housing crisis and the role of private equity in the rental market. Cohan compares Perelman's financial decline to that of Carl Icahn, shedding light on the pitfalls of wealth and ambition. The conversation reflects on how aging financiers grapple with their relentless drive, ultimately questioning the motivations behind their high-stakes decisions.
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Housing Crisis Debate
- J.D. Vance proposed building housing on federal lands during the VP debate to address the housing crisis.
- Bill Cohan and Peter found the idea simplistic, citing issues like uninhabitable land and NIMBYism.
Perelman's Decline
- Ron Perelman, once among America's richest, saw his fortune shrink from $18 billion to under $2 billion.
- His company, Revlon, filed for bankruptcy, and he sold off assets like his yacht, art, and a Hamptons home.
Perelman's Downfall
- Perelman's downfall is partially attributed to the COVID-19 pandemic impacting his leveraged holdings.
- Banks pressured him to sell assets due to philanthropic spending and default risks.