Megayachts Now Facing A Red Tag Sale

Just last month, the yachting industry was still talking about their oasis of prosperity. The super-rich still have plenty of money, they said. And they still love their yachts.

What a difference a month makes.

Read the whole story here.

Comments

[Budokan]

Aww...what a shame. How will I sleep tonight? *rolleyes*

[MajorKong]

I guess things are tough all over.

[TXfemmom]

My heart aches for all these owners of mega yachts. Just imagine having to give up their toys, while others wonder if they will be able to eat or house their families. Crushing I say, just crushing.

[ErnestineBass]

I hear Somalians are just mad for fast boats.

[JScott]

And they just board em and take em, hey they don't even buy!

[DontJustFollow]

The ship is available for charter so selling it is not urgent - current laws allow it to be depreciated so quickly that ownership for the first three years is basically free. Since your LLC charters it, you get ownership and use of the yacht for free and all income is sheltered because of it will not turn a "profit". Since it takes two years to build your new boat, you better get busy.

It is all a numbers game but one that is played very well by those that can justify spending $ 500,000.00 for a week in Cannes.

Remember, these are the same people that hire the lobbiests who pay the politicians to make sure schemes like this are possible... google George Soros and mega yacht

[IllinoisTexan43]

Do they have a lay-away plan for yachts?

[tomas0808]

I'll take it if you can fit it up your A$$

[PhilipTaylor]

How did thay afford the MegaYachts?

Discover a new LAYER of corruption by Wall Street:

1. Sub-prime puts a 125% mortgage on a $250,000.00 home so loan is at $312,500.
2. Bank packages it and sells it with fees added to bring its artifical value of $365,000+
3. "Credit crunch" has everything to do with Investment Banks specious creation of Derivatives with fees added for slicing and dicing the mortgages.

So you end up with a 250,000 house with a fee of $500,000 changed to buyers of the Derivatives valued as "AAA". But in today's market the house is worth $125,000! No wonder the BANKS hate "Mark to Market" as it forces buyers to realize a write-down for every $500 to $125 or in some cases worse!

That means that we should focus on the mark-ups by the Investment Banks as the LARGEST area of Corruption! So we have LAYER UPON LAYER of CROOKS taking Trillions from our KIDS Future!

This will take an incredible amount of UNWINDING and we have only begun!

[sposton]

As soon as one of them banksters get his paws on the bailout money that baby will be gone.

[haveitoldyoulately]

If they belong to bank executives or Wall Street big wigs.....SELL them and send the money to Washington

[ErnestineBass]

Great idea...only nobody's buying.

[leftLibertarian]

my tiny violin is playing