Tuesday, October 27, 2009

Wall Street Hijacks Federal Agencies Created to Provide Affordable Housings

Wall Street Hijacks Federal Agencies Created to Provide Affordable Housing

Wall Street Masters of the Universe
Tishman Speyer and BlackRock Whose Rent Actions Ruled Illegal with their millions in campaign contributions got both Fannie Mae and Freddie Mac to back $1.5 billion debt of their $5.4 Billion purchase of Stuy Town and Peter Copper Village. Fannie Mae created in 1938 as part of Franklin Delano Roosevelt's New Deal mission is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans. The only way Tishman was going to make a profit with their 5.4 billion purchase price was to move the rent stabilized tenants out and sell or rent at 2008 market rents Tenants Roiled by Challenges on Residency - NYTimes.com Well the market crashed along with the city's economy and real estate market and the building are now worth about 2 Billion. It gets better Blackrock which got part of the 1.5 billion debt covered by Fanny Mae is an advisor to Fanny Mae BlackRock gets third rescue mission from the federal governmen. Freddie Mac's mission is to provide liquidity, stability and affordability to the housing market.WSJ: T Minus Four Months Until Stuyvesant Town Defaults California and Flordia pension funds have already lost 900 million, because of secrecy it is unclear how much New York's pension lost although New York pension back Tishman Speyer and BlackRock purchase of the Met Life building a few months early *** Schumer, Serrano smack Fannie Political duo wants mortgage giant Fannie Mae to pay for upkeep on a handful of severely deteriorating Bronx apartment buildings that are in foreclosure.

Debate: Last Chance to Go Toe to Toe
NYC's fiscal future Serious Qs for Mike and Bill in the debate Mayor: NYC budget gap may be smaller than feared Really Mayor? Escape from New York: Working people are fleeing big taxes and scant opportunity(DN Ed) *** Mayor: Economy won't rain on Yankees parade (if there is one) * If I had 17 billion I see a bright future in 2013 also, what are you going to do about the 10.2% unemployed today? Bloomy sees bright future

When Senator Moynihan complained 20 years about that New York was not getting back the funds it sent to Washington that amount was 12 Billion today it is 55 billion and nobody is complaining

Facts on the Economic Meltdown

Budget Deficit: 5 billion this year18 billion by 2013 - Citizens Budget Commission

Before the Crash and Layoffs NYC received 22% of its budget from Wall Street

500 residential projects are stalled in NYC

New construction is down from 2008 30,000 to 6300 (Mostly Pubic Infrastructure Work)

Private construction market collapsed

848,000 New Yorkers out of work 10% in the city

Pension benefits go up 55 % in next three years

As manufacturing jobs left New York used the government payroll to increase education health care jobs State's ink a deeper shade of redNew York to enter negative cash flow; first time in recent memory

New York Economic Melt Down Tax refugees staging escape from New York *** UES Italian restaurant files for bankruptcy *** Late, not so great MTA About 25 percent of all weekday trains and half of all weekend trains are late, the data show -- and the delays have been getting longer *** The state prepares to debate budget cuts as it heads into “negative cash flow” territory. (TU) *** Paterson and the Senate Democrats are at odds over the governor's $3 billion deficit reduction package *** The ticking time bomb that is the state pension plan *** Jitters Over a Rumor About Plans for a Former Hospital *** Court: DiNapoli must give back seized pensions *** Exiting the Empire State (Gotham Gazette) *** Condos, Condos Everywhere Vacant *** Pay Dispute Drives Paterson’s DOT Pick off the Road

Taxes the Rich to Balance the Budget N.Y. raises taxes on the rich at its peril - Business *** MILLIONAIRES TOLD TO BITE SILVER TAX BULLET Speaker Silver yesterday issued his strongest call for a massive tax hike on the wealthy to help close the state's $13 billion budget gap *** Golisano leaving New York to escape income taxes : City & Region *** Rush Limbaugh To New York: Drop Dead Albany Still in Denial Kruger's Budget Smackdown Senate Finance Committee Chairman Carl Kruger this morning accused Gov. David Paterson of trying to create a "doomsday atmosphere" Rich and Middle Class Leaving the State Exiting the Empire State (Gotham Gazette) *** State Comptroller Warns Albany to Cut Deficit *** State lawmakers decry Paterson school aid cuts

UFT Power Over Parents It not enough that parents in Paterson own neighbor wait on line for hours to try to get their children into charter schools because they know as recent studies have shown that they will be better educated in those schools. It not even enough that he is cutting million to education because of the state's economic melt down. The power of the UFT endorsement for the governor who is seeking to run next year is causing him to turn down millions in federal funds for education. Because does not want to change two state laws as federal officials has demanded to qualify for the money. One limiting the number of charter schools to 200 and another prohibiting the use of student test scores in determining whether a teacher deserves tenure Gov's charter shock Imperils fed $$ by nixing changes in law(NYP) , Dave's charter dodge (NYP Ed) * Education Advocates, Parents Protest Proposed Budget Cuts *** MTA Protects Developer Hurts Cost Cutting MTA brake$ on S. Ferry scale down the last part of the project -- an outdoor plaza connecting Staten Island Ferry service to the subway station MTA can fund some money here also TRAINWRECK OF A CONTRACT millions to Bruce Ratner's Atlantic Yards , Dutchess County can't pay its $324,000 MTA payroll tax bill *** Only 97% of the local newspapers' endorsement for sale A Queens paper not bought off by Bloomberg! *** THREE COMMUNITY NEWSPAPERS ENDORSE BLOOMBERG -- BRINGING THE MAYOR’S TOTAL NEWSPAPER ENDORSEMENTS TO 48 FOR THE GENERAL ELECTION *** Sure Rev Al will do some march right after the election to reenergiize his base supporters Thompson Is Fine With Sharpton's Silence *** It About Nothing If you accomplish nothing spin ads mean nothing Paterson readies ad campaign

Raod to City Hall Bloomberg Goes All Out as Turnout Is Called Key *** Council Leader Gives Thompson Endorsement, Whether He Wanted It or Not *** Quinn Endorses Thompson As Bloomberg Widens Lead In The Polls '*** Dems claim GOP flyers designed to scare whites ***The things you have to do to get elected in this town *** Bloomberg's vision: 'NYC 2013' (UPDATED with Thompson 2009) *** Mike quits 'Brighton Beach' for Bronx Bombers *** A look at two amendments to the state constitution on the ballot next week. (GNS) *** Mayor Bloomberg takes targeted robocalls to a whole other level — and we’re talking to you, Chinatown residents over the age of 40. (Huffington Post) *** Bloomberg has no campaign events but the debate today; Thompson has a full schedule *** Bloomberg used the "don't go back" to the Dinkins' days argument against Mark Green in 2001 *** Bloomberg Speaks Russian, Fails *** Wall St targeted as mayoral battle heats up (FT.Com) *** For Bloomberg and Thompson, the road to the mayoral office runs through Yankee ... *** A look at how New York’s transportation has fared during Mayor Michael R. Bloomberg’s tenure. [Gotham Gazette] *** Sharpton and Barron for Griffith *** UFT Campaign Contract *** Thompson: Bloomberg Let MTA Go Off The Rails *** Mario Cuomo For Kim In 19th CD *** Comedy of errors on controller campaign trail but despite charges, Liu was an actuary *** Race for Mayor heats up as Bloomberg and William Thompson trade barbs over protecting renters

Election Fraud? Taking a crack at ACORN , Working Families 'scam' to boost pals The labor-backed Working Families Party has engaged in "an audacious scheme to violate the law" to help the party's favored political candidates get elected, a sweeping new lawsuit filed by Ken Mitchell who lost to Debi Rose in last month democratic primary *** Election lawsuit targets Working Families Party (Crains) *** Show Cause Order in Working Families Party Mess (DN)

Pay to Play Seabrook Indictments, Finally (NYC Council Watch) I guess they could not make a deal Norman Seabrook Backs Thompson, Regrets the Errors | Politicker NY *** The judge presiding over Joe Bruno’s upcoming trial throws out a stack of motions from both sides. (TU) *** Court rulings reverse DiNapoli's pension crackdown *** Sentancing date set for former council aid

Law and Order After Delay, Kerik’s Trial to Start on Nov. 9 *** Police Cite 7,500 Drivers for Cellphone Use*** Junior Gotti: I get no respect from judge - or the Daily News *** State Sen. Hiram Monserrate's ethics assault (Hammond DN) *** NYPIRG says the structure of Hiram Monserrate’s legal defense fund opens a Pandora’s box of ethical problems. (New York Public Radio) *** Bill Hammond says Hiram Monserrate's secret legal defense fund "is beating the state's public integrity rules to a pulp." *** The Times Union says what he did is worse than paying with campaign funds ***More than 300 people, including a number of elected officials, have written to the judge who will sentence former Assemblyman Tony Seminerio on corruption charges *** Defending Hiram (Updatedx2) *** Paterson Gets Pass on Kennedy Leak Inquiry
*** The Legislative Ethics Commission insists it neither received a request for an opinion, nor issued an opinion, on Sen. Hiram Monserrate's legal defense fund *** Mayor Bloomberg's accountant, Martin Geller, maxed out ($26,000) to New Jersey Mayor Cory Booker about a month after Booker crossed party lines to endorse the mayor
Only in New York Kids give Rachael Ray menu passing marks - despite roach at the party Rachael Ray unveiled her new lunch for students *** Memo to Spitzer: Put a Sock in It - Washington Examiner

White House
The Fatal Conceit The effort to cap executives’ compensation is a good example of an overconfidence in government to solve everything (Brooks NYT) *** Obama Defends Afghanistan Timetable *** Biden and the Buckeyes *** Obama’s Fund-Raising, in His Best Interest *** Obama to Name 'Smart Grid' Projects *** Obama charges up 'smart' power grid - with $3.4B price tag *** Golf-nut o having a 'rough go' of it *** Bam's Peace Prize win reveals racial divide *** White House caves, gives Fox News access *** Limbaugh falls for Obama thesis hoax - but is in no Rush to apologize *** Obama's Big Change: Moving America Right - Byron York, DC Examiner *** VA Voters Ready to Send Obama a Message - Wesley Pruden, Wash Times *** The Post-Gracious President - William McGurn, Wall Street Journal *** Can't Split the Difference in Afghanistan - Eugene Robinson, Wash Post *** State Dept. Official Resigns Over War *** Deadliest Month for U.S. Troops

Congress Public Option Push in Senate Comes With Escape Hatch *** Right Battles G.O.P. in a Pivotal Race in New York *** Senate’s Leader Vows to Pursue a Public Option on Health Care *** Dodd Calls for Interim Freeze on Credit Card Fees and Rates *** Kerry Calls for Patient Strategy in Afghanistan ***Medical Device Lobby Wins Lower Fee *** A look at what Snowe’s first vote on the health care package might do to her re-election chances. (Daily Beast) *** Will Reid's Public-Option Health Gamble Pay Off? - Karen Tumulty, Time *** How Harry Reid Found His Silver Bullet - Sam Stein, Huffington Post *** Reid Shops for Reelection Insurance - Dana Milbank, Washington Post *** Lessons From the Doctor Fix Debacle - Sen. Tom Coburn, RealClearPolitics *** Dems' 2010 Playbook: Destroy the Opposition - Stuart Rothenberg, Roll Call *** New York Race at Epicenter of GOP Mutiny - Janet Hook, Los Angeles Time *** Kerry Criticizes McChrystal's Plan *** Two House Dems Work To Weaken Investor Protection Bill *** Lieberman Says He'll Filibuster Health Care

Wall Street and the Economy Ex-A.I.G. Chief Is Back, Luring Talent From Rescued Firm *** Trying to Rein In ‘Too Big to Fail’ Institutions *** McGraw-Hill posts lower 3Q profit *** In the Shadow Of Wasserstein *** Ponzi Defendant Goes on Offensive *** TD Ameritrade Earnings Slip 8.8% *** Why Goldman Should Pay a Special Dividend - Jason Trennert, RCM *** Wall St. Gang's Sense of Entitlement is Incredible - Dean Baker, Guardian *** The Case for More Stimulus - New York Times *** Overburdened by Nation's Debt - Denver Post *** Greenberg Returns to Build 'A.I.G. Two' *** Who's the Next Bruce Wasserstein? *** Building "AIG Two" *** The Raw Story | Thousands protest bailout bonuses at Chicago bank ***Is Hank Greenberg attempting to create AIG Jr.? *** End State: Is California Finished?

International German Limits on Afghan War Are Facing Reality *** F.B.I. Is Slow to Translate Intelligence, Report Says *** Al Qaeda Group Claims Iraq Bombings *** EU to Overhaul Afghan Aid *** Al Qaeda: We Bombed Baghdad *** Tensions Simmer in Iran

Terror Plot 2 Chicago Men Arrested for Overseas Terror Plot

Basball Playoffs Cheesecakes vs. Cheese Steaks *** Mets Fans Have Choice of Two Evils in World Series *** Lupica: Hal and Hank are on the money *** A-Rod hit bottom to reach peak *** City to Hold Yankees Pep Rally in Times Square

Media and New Tech
NYP says Angry & Sor(kin) is a glory hog *** It's ad nausea for Leno Network likely charging sponsors cut-rate pricing *** Forbes to slash 30+ jobs
*** A Win for Internet Speech A judge was correct in throwing out a suit against Craigslist over its “erotic services” section, since the law shields the company from liability for the speech of others (NYT Ed) *** Drop in newspaper circulation accelerating *** New York Times Co. narrows loss, ad slump lingers *** Web's Alphabet Is Set to Change *** MSN, MySpace Discuss Music Tie-Up*** Netflix movie streaming coming to Playstation 3 *** The New York Times Is Doing Exactly The Right Thing (NYT) *** Microsoft Pulls Out of Family Guy Special *** CNN Falls To Last Place In Primetime Demo *** Times Editor Leaks ‘Apple Slate’ News — Sorta *** 'Impending' Apple Tablet Creates Uneasy Alliance Between Cupertino and the Press*** US newspaper circulation down 10.6 percent (Chicago Sun Times) *** Chronicle's strategy shift starts to pay off *** The Numbers On Newspapers' Misery (Barron) *** Chicago's daily newspapers follow national downward circulation trend (Chicago Tribune) *** Newspapers Cut To Black (24/7 Wall Street) *** A Graphic History of Newspaper Circulation Over the Last Two Decades (The Awl) *** Times Publisher Compares Print Media to the Titanic *** Jayson Blair To Speak At Journalism Ethics Institute *** The Mayor's Press PassThe unexamined world of Mike Bloomberg