09 Feb '12, 10am

The Untold Story: The Continuing Demise of the Construction Industry

The Untold Story: The Continuing Demise of the Construction Industry

The majority of two generations of architects and civil engineers have lost their financial assets, offices, equipment and trained employees due to the continuing mega-recession. In far too many cases, desperate firm owners took out personal loans to pay employees. Banks sent deputies to seize the personal belongings in their homes along with the contents of offices when these loans defaulted. Most items seized by banks were either auctioned off at a minute fraction of their value or dumped into public landfills. The banks wrote off the depreciated value of seized personal items as tax losses, while those whose homes were foreclosed on owed additional income taxes for the difference between their home value and the foreclosed loan.

Full article: http://www.triplepundit.com/2012/02/untold-story-continui...

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