Thursday, April 30, 2009

Andy Beal

Andy Beal is the Texas banker who played a series of headsup matches against members of a Las Vegas "poker corporation". Micheal Craig wrote The Professor, the Banker, and the Suicide King: Inside the Richest Poker Game of All Time about the series of matches.

It seems that Beal plays poker with his bank assets also. And he plays pretty well.
A banker who resisted the urge to invest in toxic assets during the boom is cleaning up during the bust. Andy Beal of Beal Bank in Plano, Texas "virtually stopped making or buying loans" from 2004 to 2007, leading people around him to think he was crazy. Now he's buying up loans at fire sale prices and has tripled his bank's assets to $7 billion in the last 15 months, and without government bailout money.



Blogger Radio Babylon said...

in a perfect world, the smart banks and businesses like beal's would do great (as they are) and the stupid ones would collapse. instead, the gov props up the retards, so they can go about making the same stupid mistakes again in the future. its lunacy.

3:17 PM  
Blogger Gugel said...

You ranked 66th for the top 100 poker blogs. Congrats :)

6:44 PM  
Blogger DMW said...

I don't like kiss-ass journalism; the article could have mentioned that Beal is one of the biggest known losers in poker.

But otherwise it was a nice read and Andy comes out looking good: what disturbed me was

"Amid one of the most reckless lending sprees in history, regulators focused on the one bank that refused to play along. Beal's moves confused and worried them, and so they began to probe him with questions. "What are you doing?" he recalls them asking. "You're shrinking yet you're raising capital?" "

sounds like pre-bust, the authorities were pressuring banks to trade in these high risk loans, I thought they were supposed to do the opposite.

1:04 PM  

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