Daily Archives: 03/21/2009

(Community Matters) It’s all about getting reelected, continuing to dole out largess to his friends. I’ve always wondered how the man has become a multimillionaire while spending his entire career in public office – all while he’s rejecting basic assistance to those in the most need and dallying around.

(Community Matters) Legislation and regulations should be crafted to ensure appropriate government returns from the upside of these asset purchases – specifically in their resale to private firms – there will be significant upside.

At the end of the 80s S&L crisis (which cost the government “only” less than $200 billion btw), the RTC was selling its troubled assets with appropriate equity participation. They’d learned to share in realized values, upped their carry and still allowed enough reward for private investors.

Congress and Obama’s administration must ensure ample taxpayer return when these assets are sold – from the very first sales.

Public/private partnerships are the only way to realize due returns. And, sizeable gains are assured. Already, disgraced Countrywide executives are laughing all the way to the bank by purchasing distressed assets at nickles on the dollar and realizing tens of millions of dollars in gains.

Multi-million dollar funds – soon to be billions – are on the side lines, ready to purchase these assets. In some cases, staff is hired, on-board and waiting for the green light. The earliest troubled asset purchases will be cherry picked and the most profitable. American taxpayers are investing trillions in cleaning up the bankers’ mess. These same bankers and their investors will spend pennies on the dollar to purchase these assets and will realize extraordinary returns. They’ll be due hefty rewards for their risk, expertise and to motivate the partnerships, and taxpayers deserve an even greater share.

(Community Matters) Some photos from Steven. He’s in Adare, Ireland, which is a small town in central southern Ireland, near Limerick.

(Community Matters) Good gosh, how have we gotten back to this place so quickly? I concur with Senator Watson, let’s reconfigure this puppy quickly. And, no disrespect to Commissioner Gomez but sure seems time for a strong, proven turnaround expert as chair of the board. Council member Martinez playing an important role while acknowledging responsibility as a long time board member.

(Community Matters) No SXSW for me this year, but plenty of time with niece and newphew.  Instead of attending Vanity Fair’s bash at the Belmont last night, sent my brother & sister-in-law – a win for all of us.  Little Eli, Paulina & I had a super night out & about – Wheatsville, Toy Joy, walking up and down Guadalupe, the Triangle, finally Salvation for pizza.