CEO Loses Most of His Stock After Margin Loans at JPMorgan, RBC Backfire
The article discusses the financial troubles faced by Dave Schaeffer, the CEO of a Washington, D.C. property company. Schaeffer had taken out margin loans from JPMorgan Chase and RBC, using his company's shares as collateral. However, the value of these shares has plummeted, leading to margin calls that Schaeffer has been unable to meet. As a result, he has lost most of his stake in the company, which he had built over the course of three decades. The article suggests that Schaeffer is now running out of options to prevent the collapse of his property empire, as the margin loans have backfired and left him in a precarious financial situation.
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