Portrait of a “Toxic Asset”… If you want a stark example of the kind of lending practices that created the global credit crisis, you can hardly do better than banking giant Credit Suisse’s adventures in luxury mountain resort financing. At Tamarack in Idaho, at Promontory in Utah, and at the Yellowstone Club in Montana (to name just the few that I’m most familiar with) the bank doled out hundreds of millions in loans, which were than syndicated out to investors (just like those famous sub-prime mortgages). If the Yellowstone Club situation is typical, those loans were made with minimal due-diligence or oversight, and no plan for what might happen if the real estate market hit the skids.
By Jonathan Weber, Dec 7, 2008, newwest.net

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