Property or Equity?

Three weeks ago, I was at the George Washington estate, Mt. Vernon, in Virginia, with my wife Noreen and the couple Adam and Nepretiri Policastro. Nep is a childhood friend of Noreen, and Adam is an Italian American whose job it is to make scores of millions of dollars every few months for the bank he works for.

The estate, a national landmark awash with local tourists, was once a plantation worked by slaves. Nestled on a bank of the gently flowing Potomac, it’s a neat piece of property with boundaries that were once disputed. It’s also the final resting place of America’s first president, who reputedly could not tell a lie. He is counterpointed today by a presidential candidate who cannot tell the truth. Romney, of course.

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