July 22, 2007

The rise and fall of David Crisp - a little boy who got hold of a lot of debt and then proceeded to blow it

Here's the latest on little boy David Crisp, who can no longer make the payment on his own house.


From waiter to big-spending jetsetter real estate developer, and then back to waiter...

Ah, the American Dream

Thanks WC for the tip

41 comments:

buzz crapper said...

This country needs an enema.

free money said...

Debt is wealth. Liberate your equity with a pay-option ARM

Anonymous said...

He's toast, crispy & black as cole!!

Anonymous said...

Stick a fork in him, he's toast crispy & black as cole!!

hurin said...

He bought the office building for 2.5 and he's borrowed 2.78 against it. So now he owes more than 5 on a building worth maybe 2.

What am I missing here. How can he keep borrowing against a property with no equity in it?

Bitter Renter said...

Don't kid yourself. This guy will emerge from this unscathed and still very, very rich. This country rewards marginally legal behavior. Many worship those who get rich, particularly if they do it by screwing the system and others at the same time.

It's called C-A-P-I-T-A-L-I-S-M and it has always been a vehicle for the unethical and dishonest to ride to wealth.

See, America is a cesspool of shysters, cheats and liars. The only thing that matters is money. The credo is "get as much as you can, all that you can and don't give a second thought to how you did it or how many others you screwed over along the way." I believe the republican party, the biggest cheerleaders for our savage capitalist nightmare, have adopted that for their new election platform.

Anonymous said...

2.78M Loan for a building I'm guessing is worth 1.2M . . . Oops!

Guess his wife will have go dance around the poll. hahahaha

Sixpercenter said...

Oh the harsh realities of life!!

I suspect that fraud will eventually be uncovered and he'll go to prison.

Reminds me of Nick Leeson the guy who brought down Barings bank. Like Crisp, Leeson was in over his head from the start but his incompetence was masked by a rising market.

Wonder if Crisp will be able to return to waiting tables??

"Would you like fries with that?"

JR Junky said...

Last year I asked a doctor who was bragging about the 11 condo’s he owns/flipped in Florida where he thought the money really came from, I mean it had to come from somewhere, someone had to pay him, the million dollars he said he made in the prior year, someone had to make the bad bet against him while he made the smart bet. He could not answer other then saying the bank probably is the one who lost, he got a little mad at me for asking what he thought was a very stupid question.

What Basis Capital does to create value added, from the Basis Capital web site,

“The Securitisation arm of Basis Capital was established to advise and assist sponsor companies to access the capital markets. Basis has structured, arranged or advised on various Alternative Asset Pools which includes 100% Loan to Valuation (LVR) residential mortgages; auto loans; personal loans; rural and commercial mortgages and trade receivables. This expertise has evolved into a Collateral Management function whereby USD850m of ABS securities are being managed for two CDO vehicles.

A key philosophical link employed across both business streams, Funds Management and Securitisation, is the use of multi-asset class capital structure analysis, with a particular emphasis on CDO technology.”

How many more companies just like this exist in the world, companies who create billions in wealth from nothing other then the hard work of shuffling paper???

AuAgPb said...

Dear Casey,
This is how you go down in flames. Amateur.

Hugs and kisses.

Your future cell-mate,
David

Anonymous said...

So, you can live on the straight and narrow for your whole life, logging 30 years at a civil servant job or some company, pay your bills, and retire. Then wake up to the nightmare your pension has been decimated because the fund manager chased high return cdo paper which has vaporized in value in a matter of months. Or be like David Crisp: live high on the hog jumping on the opportunity the Wall St. enablers provided. Sure the party ends, but atleast you weren't the hard worker who just discovered bankruptcy.

Anonymous said...

This country needs The Messiah!

Anonymous said...

.....and the hose goes in Washington!!

W.C. Varones said...

And this update: his firm rented houses to people who thought they were in a lease-to-own program. Now the houses are in default.

http://www.bakersfield.com/102/story/194580.html

Anonymous said...

David Crisp is getting a good ole' redneck style tar and feathering, but is this deserved? What about all the other RE professionals that played the same market manipulation games, quietly made their millions, and then quietly bowed out of the game?

IMVHO, that little goofy-faced boy is morally one up the others. He drank his own punch and stayed on the ship even when it was sinking.

I don't feel sorry for him, but I wish some of the local reporting would touch on some of the larger picture.

On a side note, my far out wish list would be for the media to stop portraying the default sheeple as victims. They're the victimizers.

Anonymous said...

why do stories like that make me so happy inside. i must be a bad person...

Bakersfield Bubble said...

Keith -

Here is the latest. Lease-to-own gone bad:

http://bakersfieldbubble.blogspot.com/

Paco Bell said...

How is it possible that the industry allows this turd to execute four refi's amounting to more than this property's already over-inflated (and declining) figure?

Where is the scrutiny and oversight?

These lenders don't operate in a vacuuum. We'll all be called upon to pay the bill when it comes due.

The entertainment value of watching this critter get Crispy isn't any longer worth it to me.

But I'm still watching!

That's just the kind of schaedenfreuder I am.

Anonymous said...

It will get one soon enough.

Out at the peak said...

This is just the intro to the story. I hope Kiyoshi Tomono digs deep to get answers from Crisp and the lenders.

Anonymous said...

Follow the money this case represents massive mortgage and appraisal fraud

Lots of hot divorcees on the horizon! said...

His wife seemed to be pretty hot.

I wonder if she married him when he was rolling in the dough.

I wonder if she'll divorce him when he finally burns out.

Anonymous said...

Homegirl thought she was marrying a millionaire, turns out he's a negative hundred thousandaire.

That's why I always go for looks or brains, not money. What you see is what you get. A hot guy will still be hot and a smart guy can usually recover from foolish investments.

Anonymous said...

Dumb fucks on this site mistaken criminal activity as capatialism. Wrong. More wealth has been destroyed and stolen through retarded socialist systems than capatialism. It does not matter the liberal dopes on this site create nothing and have no power. Crawl back into your 1960s shithole VW van and die.

Anonymous said...

why is it so many young people think that the american dream is to make lots of money and be hugely successful in some financial endeavors? many people work like slaves all their lives and have nothing to show for it. to be highly successful takes a lot of hard work, and being in the right place at the right time and just being damn lucky....on top of that, it pays to have friends that can help you along in life. this guy threw caution to the wind and rode the debt horse as far as he could make it run. now he is broke and someone else is picking up the pieces and the tab. such as it is in amerika, where the young people think only of themselves and do not care what else is going on around them while they live their pathetic little lives...

Anonymous said...

it only matters what material wealth you have. what is inside of a man does not matter or does it? this is why ron paul is the man of the hour. he is someone you can trust when you turn your back. he will be the same tomorrow as he is today. what you see is what you get. a far cry from people like this bozo. i hope he goes to prison for being the schlepper that he is...

Anonymous said...

Casey is now claiming to be the victem of predatory lending...

Anonymous said...

His wife seems like the typical BIMBO. No job, no brains...etc

I bet she's a big fan of American Idol though.

snicker.

Anonymous said...

The reporter, Kiyoshi Tomono has no comments on his blog about the story...

http://community.kget.com/blogs/kiyoshi_tomono/archive/2007/07/18/1811125.aspx

Anonymous said...

Why does this website bring out all the Marxist crackpots? As if Communism ever brought wealth, prosperity, or happiness to anybody except the corrupt leaders.

devestment said...

If you don't have something nasty to say, please don't comment at all.

Paul E. Math said...

Every news team needs a Kiyoshi Tomono. He must really hate shit-heels like David Crisp to show up at his door and harrass his wife in front of his little daughter. I thought that stunt was pretty low but no more than Crispy deserves.

Anonymous said...

Bush Executive Order: Criminalizing the Antiwar Movement

http://www.globalresearch.ca/index.php?context=va&aid=6377


http://www.globalresearch.ca/index.php?context=va&aid=6377


The Executive Order entitled "Blocking Property of Certain Persons Who Threaten Stabilization Efforts in Iraq" provides the President with the authority to confiscate the assets of whoever opposes the US led war.
A presidential Executive Order issued on July 17th, repeals with the stroke of a pen the right to dissent and to oppose the Pentagon's military agenda in Iraq.

The Executive Order entitled "Blocking Property of Certain Persons Who Threaten Stabilization Efforts in Iraq" provides the President with the authority to confiscate the assets of "certain persons" who oppose the US led war in Iraq:

"I have issued an Executive Order blocking property of persons determined to have committed, or to pose a significant risk of committing, an act or acts of violence that have the purpose or effect of threatening the peace or stability of Iraq or the Government of Iraq or undermining efforts to promote economic reconstruction and political reform in Iraq or to provide humanitarian assistance to the Iraqi people."

In substance, under this executive order, opposing the war becomes an illegal act.
--

Broader implications

The criminalization of the State is when the sitting President and Vice President use and abuse their authority through executive orders, presidential directives or otherwise to define "who are the criminals" WHEN IN FACT THEY ARE THE CRIMINALS.

Anonymous said...

If this video doesn't make you panic,I don't know what will.

http://www.youtube.com/watch?v=jIQaQn722QU

armed said...

American Dream? Maybe. What are the options? Asian Dream? Dogs for lunch(better a buffet than my dog Buffy) . African Dream(on the run from machete and the kind gov)? Dirt for lunch. Your a peon Dream? Snails for lunch(you might want to take a liking to Cuz Cuz).

Anonymous said...

I know Nothing about running a business or his anyway. But the minute I saw he had a G-IV jet for his 'small' company......I could see the handwritting on the wall!

Anonymous said...

Behind every great fortune there is a crime.
Honore de Balzac
French realist novelist (1799 - 1850)

Crisp can lick my Balzac!

Bitter Renter said...

"Behind every great fortune there is a crime. "

So true. Particularly in the increasing savagely capitalist Amerika.

Anonymous said...

His wife seems like the typical BIMBO. No job, no brains...etc

I bet she's a big fan of American Idol though.

snicker.

==================================
Classic, thanks. I'll also bet that she's really "angry" with Simon. He's so rude to all the young talent on the show. I mean how many young Americans can do a rendition of Aretha Franklin's "Natural Woman"?

Anonymous said...

Dumb fucks on this site mistaken criminal activity as capatialism. Wrong. More wealth has been destroyed and stolen through retarded socialist systems than capatialism. It does not matter the liberal dopes on this site create nothing and have no power. Crawl back into your 1960s shithole VW van and die.

July 22, 2007 11:20 PM

===================================
Try reading the constitution genius. Youre all wrong. You mistakingly identify America as promoting a capitalist economy.

America was founded on something called "The American System of Political Economy".

What is destroying the US economy is the "Dutch/Anglo" liberal system.

We used to build our automobiles,produce our own steel, build nuclear plants and we even invested in science & technology.

And to top that off we "regulated" our economy in order to protect "production" from financial speculators.

America believed in being a producer society, not this joke society that weve been living in over the last 30 years.

Anonymous said...

Are you all nuts? Just wait,if you dont think somewhere drugs or drug money is not a smell. Just wait tonges will wag. this is bigger than anyone but F.B.I or I.R.S. can figure out.A little time it will tell.