A veteran New York Times reporter dissects the most spectacular failure in real estate history. Real estate giant Tishman Speyer and its partner, BlackRock, lost billions of dollars when their much-vaunted purchase of Stuyvesant Town-Peter Cooper Village in New York City failed to deliver the expected profits. But how did Tishman Speyer walk away from the deal unscathed, while others took the financial hit-and MetLife scored a $3 billion profit? Illuminating the world of big real estate the way Too Big to Fail did for banks, Other People's Money is a riveting account of politics, high finance, and the hubris that ultimately led to the nationwide real estate meltdown. "-- "The New York Times reporter who first broke the story of the sale of Stuyvesant Town-Peter Cooper Village takes readers inside the most spectacular failure in real estate history, using this single deal as a lens to see how and why the real estate crisis happened. How did the smartest people in real estate lose billions in one single deal? How did the Church of England, the California public employees' pension fund, and the Singapore government lose more than one billion dollars combined investing in a middle-class housing complex in New York City? How did MetLife make three billion dollars on the deal without any repercussions from a historically racist policy of housing segregation? And how did nine residents of a sleepy enclave in New York City win one of the most unlikely lawsuits in the history of real estate law? Not only does Other People's Money answer those questions, it also explains the current recession in stark, clear detail while providing riveting first-person accounts of the titanic failure of the real estate industry to see that a recession was coming. It's the definitive book on real estate during the bubble years--and what happened when that enormous bubble exploded

When journalist Liao Yiwu first stumbled upon a vibrant Christian community in the officially secular China, he knew little about Christianity. In fact, he'd been taught that religion was evil, and that those who believed in it were deluded, cultists, or imperialist spies. But as a writer whose work has been banned in China and has even landed him in jail, Liao felt a kinship with Chinese Christians in their unwavering commitment to the freedom of expression and to finding meaning in a tumultuous society. Unwilling to let his nation lose memory of its past or deny its present, Liao set out to document the untold stories of brave believers whose totalitarian government could not break their faith in God, including: The over-100-year-old nun who persevered in spite of beatings, famine, and decades of physical labor, and still fights for the rightful return of church land seized by the government; The surgeon who gave up a lucrative Communist hospital administrator position to treat villagers for free in the remote, mountainous regions of southwestern China; The Protestant minister, now memorialized in London's Westminster Abbey, who was executed during the Cultural Revolution as "an incorrigible counterrevolutionary." This ultimately triumphant tale of a vibrant church thriving against all odds serves as both a powerful conversation about politics and spirituality and a moving tribute to China's valiant shepherds of faith, who prove that a totalitarian government cannot control what is in people's hearts.