Monday, January 25, 2010

Wall Street Failed Atempt to Hijacks A Housing Complex

The crime of turning a housing complex into a Wall Street investment has failed, losing billions for investors and pension funds nation wide. 1.5 Billion for the California and Florida pension funds alone. Will the city and the taxpayers be forced to run the complex and spend more money four years after the developers $5.4 billion purchase in what was the most expensive real estate deal of its kind. What will happen to the maintenance of Stuy Town? Will the city be forced to pay? Huge Housing Complex in N.Y. Returned to Creditors * Stuyvesant Town and Peter Cooper Village Apartment Complexes Turned Over to Creditors * End of an error: Tishman giving up StuyTown *** Stuy Town, Peter Cooper Village Handed Over To Creditors

Already Published in True News

Wall Street Hijacks Fannie Mae and Freddie Mac for Stuy Town

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 - 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

2nd Hit to New York's Economy Commercial Real Estate Melt Down Developer all over the county are on the brink as “zombie buildings,” which can't compete for new tenants because they lack the money to cover brokers' commissions and interior office reconstruction multiply. Tishman Speyer which is expected to go bankrupt any moment with its failed attempt to force out affordable tenants from Stuy Town has just had another of its massive projects go belly upTishman Speyer defaults on big Chicago loan Loan was one of several used by developer in $1.7 billion purchase of six Windy City towers in 2007; New York Federal Reserve taking a hard line. Parker Towers renters may have rebate case like Stuy Town

Daily News's Middle Class Schizophrenia It is no wonder the Daily News has lost 14% of its circulation in the last 6 months. Some days the editorials shout they are for keeping keeping the middle class in the city and others they attack the NY Court of Appeals for siding with the middle class tenants against being push out of building they have been living in for decades just so corporate owners can make a profit from the high pre Wall Street melt down prices they purchased they building for. The News Should be hitting Fanny Mae and Freddie Mac for giving the owners of Stuy town 1.5 billion or hit the owners for using their political power to waste middle class pension funds. Which is more important keeping the world of speculators who buy middle class building going or keeping 540,000 reads? A court out of control: Jurists impose their screwy judgment on city's rent rules

Is There A 18 Minute Gap Also? Patrick J. Buchanan said the AIG notes should be burned SEC Mulled National Security Status For AIG Bailout Details * SEC mulled national security status for AIG details

Fighting Hiram likens himself to murdered civil rights workersClaiming he was targeted because he is Latino, Monserrate announced that civil rights lawyers Norman Siegel would take his case * rally supporting Sen. Hiram Monserrate Video * Monserrate Hires Civil Rights Lawyers To Help Keep His Senate Seat *** Kruger Sets A Monserrate Resolution Schedule

Newsday slams the recently passed legislative ethics bill, calling it "ethics lite" * Two-thirds of legislators refused to say what their outside income is, even as they voted for a bill that would require its disclosure. Information about those who did disclose is here. (TU)

FDNY is facing drastic cuts - may force firehouse closings *** Report: FDNY Once Again Considers Closing Firehouses

Sudden cloud over Deutsche fire cases

Hosp 'apartheid' New York City's medical care is a mostly segregated, two-class system -- with poor and uninsured minority patients crammed into municipal hospitals. Minority New Yorkers are 60 percent likelier to die after major surgery than are whites -- and an alarming 20 percent likelier to die even after simple hip-replacement or other more common procedures, researchers found.

A rerun on givebacksGovernor again puts union wage increases in play to save millions (TU)

Election 2010 Still Preparing, Cuomo Courts Black Support *** An Unofficial Candidate, on the Trail *** Ford getting learning experience in Gillibrand country *** Gillibrand sheds pounds - but not for politics *** Shelly certain Paterson is going belly-up *** The Rev. Floyd Flake is "not locked into the incumbent governor", will likely back Andrew Cuomo (if he runs) and believes the AG will pick a black running mate *** Democratic Suffolk County Executive Steve Levy has told GOP leaders he'll switch parties and be their gubernatorial candidate - but only if they clear the field for him *** Ford outlined proposals for job creation, health care reform, immigration and deficit reduction in a New York Times OpEd *** Cuomo ducked seven questions about the state budget during a visit to Buffalo. (Buffalo News) *** Ford doesn’t think this is the right time to advance card-check legislation, which is backed heavily by labor unions. (WSJ) *** The Seneca Nation is threatening to spend $250,000 campaigning against Sen. Kirsten Gillibrand. (Buffalo News) *** Ford Also Anti-Schumer *** Floyd Flake met with Andrew Cuomo: "We had some discussion about whether he was going to run, and, obviously, his leanings are to do so," Flake said. “He mentioned that he knew he needed to balance the ticket.” *** Don't 'Schmear' Me, Ford Warns' *** Wall Street is pouring money into the campaign coffers of would-be AG candidates

Inside City Hall Civil rights lawyer snaps at NYPD for protest photos outside Bloomberg's townhouse *** Learning From Bloomberg Role model, and foil *** Frank Lombardi writes of Council Speaker Chris Quinn's efforts to bring insurgent members into the fold, saying: "There's a remedy for political insurgency - incumbency." *** A sexual harassment suit against correction union president Norman Seabrook is headed to trial after the woman who brought it turned down a $125,000 settlement offer *** Civil rights lawyer Siegel snaps at NYPD for protest photos outside Mayor Bloomberg's townhouse *** In Albany, Bloomberg Kicks Off Annual Battle Against Cuts *** Large High Schools in the City Are Taking Hard Falls*** Bloomberg: 'Unfair' State Budget Would Force 18,500 Layoffs *** NYC Off-Track Betting threatens shutdown *** New York City Council Committee Assignments 2010

Law and Order ]Shocker! Cops taser Jet fan *** In Drug War, Tribe Feels Invaded by Both Sides *** New Rule Allows Use of Partial DNA Matches *** Defending Police Officers Who Are in Legal Trouble *** Trial in Real Estate Broker’s Killing May Turn on Aide’s Recanted Confession *** Slain Brooklyn woman's mother vows to fight for grandchildren *** Man knifed to death outside of Washington Heights club *** MTA violators have 1 in 5 chance of winning case: stats *** Flirting turned fatal outside midtown's China Club: source *** Truly one of the finest: Gun-law crusading Detective Adam Frasse needs our prayers

Terrorism $90M err-ports PA's terror fence a boondoggle *** Christmas Bombing Try Is Hailed by bin Laden

White House Obama to Offer Aid for Families in State of the Union Address *** Restarting Financial ReformPresident Obama’s proposal for new limits on the size and activities of big banks could separate the casino of Wall Street from the system on which everyone relies (NYT Ed) *** Still Waiting at the T.S.A. The White House and Congress need to quickly agree on a strong leader to head up the Transportation Security Administration and get him or her into place (NYT Ed) *** McChrystal: Taliban Could Play Role In Afghanistan Peace *** Ed Schultz Tells Robert Gibbs: You're 'Full Of Sh*t' *** White House to take new shot at health care, aide says *** Obama opts for State of the Union speech prep over jury duty in Illinois *** Hillary at UN summit to plan long-term aid *** For Top Economic Aides, a Shaky Week in Office *** Stop! The Backlash Against Big Government - The Economist *** Obama is Right: Government Should Do More - Peter Beinart, Daily Beast *** Obama Needs Blame Bush More - James Carville, Financial Times *** WH Fumbling Jobs, ObamaCare Messages - Ed Morrissey, Hot Air *** Behind Obama's Decision-Making - Kornblut & Fletcher, Washington Post *** One Year of Obama - Baltimore Sun *** Obama Endorses Deficit Commission - Politico *** Tim Geithner wants Ben Bernanke re-confirmed. (Politico) *** What Obama Reads *** Obama Talks of Restoring Security for Middle Class *** Gallup poll shows Obama's presidency may be most polarized ever

Congress Insurer Steps Up Fight to Control Health Care Cost *** G.O.P. Seeks to Widen Field of Play in Fall Elections *** Too Big to ReformIf the health care legislation fails, liberals will have a long list of scapegoats. But they might want to save some blame for the welfare state their predecessors built (Douthat NYT) *** Dodd vs. Frank vs. Volcker vs. Geithner... Who Will Win?
Democrats Offer Four Competing Financial Reform Plans *** Senate Plans Vote on Deficit Panel *** McCain Nudges Obama Toward His Party’s Health Plans *** Is the Senate Also in Play? - Sean Trende, RealClearPolitics *** Brown Senate Win Caught Press Napping - Howard Kurtz, Washington Post *** Pass the Senate Bill, Please - Paul Begala, Huffington Post *** A Glacier Meltdown - Wall Street Journal *** Guests: Senators Durbin & McCain (PDF) - Face the Nation *** John McCain on Campaign Finance - The Situation Room

Political Parties
Crouch: The elephants play victim *** Court Ruling Invites a Boom in Political Ads *** Independent Group to Look at Ways to Reduce Debt *** 1994 Nightmare: Dems Look Out of Touch - Rich Lowry, New York Post *** Liberal Kool-Aid Drowned ObamaCare - Terry Michael, Washington Times *** Lessons for the GOP in Brown's Victory - Carol Platt Liebau, Townhall *** Campaign Finance Ruling Leaves Dems Few Options - Washington Post *** Shields & Brooks on the Political Shakeup - The NewsHour *** Fresh Off a Massachusetts Victory, G.O.P. Aims at Illinois

Wall Street
The Bernanke ConundrumBen Bernanke should be reappointed as Chairman of the Federal Reserve only because rejecting him could make the Fed’s policies worse (Krugman NYT) *** Wal-Mart Tells Employees It Will Cut 11,200 Jobs *** At Sundance, New Routes to Finding an Audience *** The government is retrenching from the housing market. (WP) *** Fed Emails On AIG Show Disdain For Transparency

International On Street Tracing Haiti’s Pain, Survival Goes On *DN Editorial: Hearts open wide for Haiti** China Denies It Attacked Google *** Ethiopian Airliner Crashes Near Beirut *** In From the Cold?If there is any hope of defeating a Taliban insurgency, Afghanistan’s government will have to persuade a large number of militants to put down their weapons (NYT ED) *** Hugo Chavez's Revolution Collapsing - Jackson Diehl, Washington Post *** China's $2.4 Trillion Stash - Robert Samuelson, Newsweek *** NATO Commander Hopes for Peace Deal With Taliban Voice of America *** Hungry for New Content, Google Tries to Grow Its Own in Africa *** Pushing Pakistan Too Hard? - Greg Scoblete, The Compass

Media and New Tech
A Playland for Apps in a Tablet World *** WATCH: Conan Says Goodbye To 'Tonight Show' With Emotional Farewell *** Apple turn over *** O’Brien Undone by His Media-Hopping Fans *** China Denies It Attacked Google *** Legal Sites Plan Revamps as Rivals Undercut Price *** Web Filters Cause Name Change for a Magazine *** After 10 Years, Federal Money for Technology in Education *** Secretary Clinton's Speech on Internet Freedom - Hillary Clinton

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Woman puts the 'ass' in Picasso: Masterpiece torn at Met *** Gary Coleman arrested for domestic assault *** Elin visits Tiger *** "Avatar" Tops Box Office for Sixth Straight Week