Posts Tagged ‘loan’

Your money or your wine ...

Your money or your wine …

 

Need a loan? Why not offer up those thousand-dollar wines as collateral

The next time you need a loan, consider throwing in the vintage you’ve been saving for a special occasion.

According to Bloomberg News, Goldman Sachs accepted nearly 15,000 wine bottles as loan collateral from Andrew Cader, a former senior director of the bank’s specialist-trading unit. Loans are typically secured by assets like real estate, yachts, and artwork, but because of the low-seven-digit dollar market value of the wines, Goldman accepted the collection. Included in the mix of bottles, mostly from the Burgundy and Bordeaux regions of France, is a 1929 bottle of Domaine de la Romaine Conti that would normally sell for nearly $4,000.
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