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Belly Up is an under-rated classic. It meticulously documents the underlying geology of deep well natural gas and then-current U.S. energy policy. The thirst for loan participations secured by natural gas leases which were originated by the Penn Square Bank, a small bank in Oklahoma, to feed the appetite of for energy loans at some of the nation’s largest banks created a rather unlimited supply of funding. (Loan participations originated by Penn Square Bank were effectively the death sentence for Continental Illinois Bank.)The timeless and often overlooked lesson in Belly Up is how the availability of liberal credit terms for energy loans drove up the lease prices. Although Belly Up describes oil and gas loan participations, the lessons in this book have much broader application. Years later, the understanding gained through Belly Up helped me to understand and observe the U.S. residential mortgage bubble with insights that I would not have had otherwise. Belly Up has my



coca-cola-machines Convenient roadmap of Belly Bank Machine