Daily Archives: February 11, 2009
A trillion here, a trillion there …
European banks’ toxic assets may amount to $25 trillion. I really have no concept of how much 25 trillion of anything is, but it’s a whole lot. A bail-out of the toxic assets held by European banks’ could plunge the European … Continue reading
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Jane Bryant Quinn – Investors will have hard time reaching feeder funds
Quinn details the onerous hurdles to recovery under our federal laws and I don’t disagree, nor do I disagree with her conclusion that feeder fund investors (that would include Walt Noel’s former friends) might do better in arbitration. Although FGG has … Continue reading
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Here’s a shock
Stimulus tax break for builders will heap billions on the biggest firms, do nothing for small home builders. It has nothing to do with campaign contributions, and it means nothing that the large corporations have their own lobbyists hard at work … Continue reading
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Should Wall Street have blown the whistle on Madoff?
Many people were on to the scam or at least harbored strong suspicions yet, with the exception of Markopolos, no one complained. I guess I can understand that, but it won’t help FGG’s defense that so many professionals saw through the … Continue reading
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WSJ: First time home buyers discover it’s a buyers market
They’re moving sales but here’s a caveat – McMansions are beyond the reach of most first timers, so they’re not being helped. Most of these sales are being made through relocation and foreclosure companies but if an existing home owner can … Continue reading
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So what does this say about Fairfield Greenwich Group’s due diligence?
Private charities who lost money with Madoff subject to excise tax as punishment for imprudent investing. At least 147 private foundations invested with Mr. Madoff, according to an analysis by Daniel E. Smith, the president of Benefit Technology Inc., a … Continue reading
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Ethanol, busted
Just a year ago Congress had to rush through mandatory ethanol requirements to save the nation. No time for debate and besides, the debate was over. It was actually over before this boondoggle ever got started. Anyone who wasn’t a … Continue reading
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Betrayed by Obama
“Why it’s, it’s …. as though George Bush were still President!” The New York Times is suffering. Send them a card.
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When satellites collide
Nothing good happens. Two big (1200 lb) satellites, one a US Iridium bird (I thought Iridium went bankrupt years ago – I was apparently misinformed) and a non-functioning Russian object collided Tuesday and have spewed debris all over space. NASA … Continue reading
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Bought that Greenwich house 2 years ago? It could be worse: you could have bought Barney’s
“Are you sure they will like this in Dubai?” Buyers offer 1/2 what Dubai paid for Barney’s two years ago.
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Downtown Condos
Both units A and B of this two-unit condo off Milbank sold for $2.850 million in May, 2007. A’s buyer never moved in, I think, because it was immediately put back on for sale that June for $3.2 million. Even in … Continue reading
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The Bank sales cometh
This disaster was built on land purchased for around $1.5 million back in the glory days and was first listed for sale at $3.750 million, after its builder had spent a fortune trying to build a suitable septic system (he … Continue reading
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Apres moi, le deluge?
424 Taconic Road, 12 acres, came on as land today listed for $950,000.Yes, it’s over the line in Stamford and yes, that far up Taconic Road has never been a huge favorite of buyers, but twelve acres for under a … Continue reading
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Ruthie, we hardly knew you
Ruth Madoff made off with $10 million just before her beloved husband was handcuffed. I’ve assumed all along that the lady was in this up to her neck and this doesn’t change my opinion. But where’s the money now and did … Continue reading
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Time marches on
A reader has sent me a current picture of Nina Ford Richter, the girl in the photo taken ten years ago with what’s his name Toub, one of the Noel son in laws. Say what you will about the Fabulous … Continue reading
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Palmer Hill Test Case
240 Palmer Hill (I’m writing this from a foreign computer that doesn’t want to load pictures so you’ll have to wait for that) is a nice little cape on just under a half acre. It sold in the $400s back … Continue reading
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Ah, relax
Reader Enzo just alerted me to this article on Greenwich inInstitutional Investor entiled, “Dark Days in Greenwich”. The author seems to have most of her facts right although how she came up with nine yacht clubs in town is a … Continue reading
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Current Greenwich Inventory
We have, as of this morning, February 11, 2009, 583 single family houses available for purchase. 121 of those were built in 2005 or later and, of those, 98 are 2007 -2008 houses. The 2007-’08 model year prices range from … Continue reading
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A spec house moves out of inventory
This was a well constructed house that came up for sale in September for $3.195 million, which in this market was probably too aggressive for Palmer Hill. No takers, so yesterday it was rented for $9,500 per month. I can’t … Continue reading
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