Daily Archives: May 26, 2009

Towns, cities, look for someone else to pay their bills

Across America, municipalities are figuring out that they no longer can afford to pay their bills so they’re disincorporating and throwing the burden of their support on other tax payers. Just like those states that tax the rich instead of cutting spending, these dreamers are going to discover that everyone else has the same idea and when the rich are gone, and the saps are  taxed to support their neighbors in another town, county or state, there’s still a bill coming due and it will land on their doorstep.

When that awful realization sets in, when the spenders of other people’s money discover that there’s no longer a magic pot to satisfy their greed, they’ll turn on themselves, because there will be no one else to eat.

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Silence the lambs, save polar bears

British government types want to push lamb off the British menu because sheep burp. They are forcing food companies to calculate the carbon footprint of what they produce and sheep burp releases methane and that’s CO2 and that spells trouble right here in River City. Conveniently, liquor and tobacco also are high carbon luxuries so denying them to the serfs will save the world and keep the workers healthier. The people bringing you this stuff really, really want to run your world. You don’t believe it, but it will be too late by the time you figure it out. It didn’t end with seatbelts and it’s not going to.

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It’s obviously a good day for Nigerian assistance but Madoff Trustee won’t listen!

Okay, it may not be as exciting as receiving an email scam from the White House (below) but Madoff Trustee Irving Picard received a Trillion Dollar offer for the balance of the Madoff firm and doesn’t want it!

Not sure if it came in an e-mail, but the bankruptcy trustee liquidating Bernard Madoff‘s securities firm moved yesterday to block a purported $100 trillion offer to buy the convicted Ponzi schemer’s company.

Madoff trustee Irving Picard received a correspondence from Ade Ogunjobi proposing an “all stock tax free transaction involving $100 trillion in stock or 400 million shares” of his company, Toks Inc., court papers said. It was unclear if Picard had to reply with a bank account number.

Picard called the plan from Ogunjobi — who’s been barred from offering bogus promissory notes over the Internet — “replete with incredible and unfounded statements” and said he offered “no facts” to back up the deal.

Picard asked Manhattan Bankruptcy Judge Burton Lifland to reject Ogunjobi’s offer and “dispense with a hearing. . which would unnecessarily cause the expenditure of additional time and resources on this matter.”

Ogunjobi, reached in Atlanta, insisted yesterday that his offer was real and said he would be in court for the scheduled June 2 hearing.

Okay, it’s true that some of these fellows from Nigeria have turned out to be not entirely on the up and up, but is that any reason to tar all of them with the same brush? Would it have hurt Picard to just give the man his bank account information and see what happened? I mean, a trillion dollars used to be a lot of money before Obama redefined it and it would still be enough to make all of Madoff’s victims whole and, more important, let Greenwich’s own favorite son, Walter Noel, off the hook. Come on, Irv, give the guy a chance! Walt, you might want to be in court on June 2nd when Mr. Ogunjobi appears and urge the court to take his offer. Besides, if he needs his sister rescued in order to access the funds, you’ll want to be sure Andres is ready to go. Does he still have that cool-looking safari jacket?

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E Mail from Nigeria

How’d this get through my spam filter?

chris –

I am proud to announce my nominee for the next Justice of the United States Supreme Court: Judge Sonia Sotomayor.

This decision affects us all — and so it must involve us all. I’ve recorded a special message to personally introduce Judge Sotomayor and explain why I’m so confident she will make an excellent Justice.

Please watch the video, and then pass this note on to friends and family to include them in this historic moment.

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The dumbest Democrats in the nation and Connecticut’s got ‘em!

Not content with raising taxes on “the rich” of Fairfield County, Connecticut’s democrats now want our state to be the first and only state in the country to regulate hedge funds. Well why not? Tax them, regulate them, whip them, where could they go?

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Here’s how to do it in a tough market

21 Midwood, off Glenville road, is a 16,000 sq. ft. house built in 2006, on 2.5 acres. The current owners paid $8.945 for it in July, 2007, a period that might be described as the peak of the housing bubble, and claim to have renovated it without adding a single extra square foot. It must have been a hell of a renovation because they have relisted it today for $16 million, or $1,000 a foot for what they paid $559 a foot for two years ago. Wow! That’s a lot of gold plate. The part I like best about these shrewd bargainers is that, while “lighting fixtures are not included” in the price, they are “negotiable”. No one’s gonna cheat them on this one, nosiree!

UPDATE: I’d bargain hard for those light fixtures – the owner can afford to let them go. If you believe this link (and, seeing no explanation for his methodology, I don’t, necessarily, but it’s fun) Gary Rosenbach of Galleon Fund made $75-$100 million in 2008. Make him throw in some light bulbs, too. All your other favorite Greenwich traders are at that link by the way so, accurate or not, at least you know where to start when asking for your snowplowing tip next Christmas.

Run, Spiderman, it's Octopus!

Run, Spiderman, it's Octopus!

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Contracts

Three so far today, all under $1,00,000 and one, Boyd Lane (off Riverside Lane, of whiffleball fame) asked just $575,000 and presumably got less than that. The highest priced one, in Cos Cob, had marked its price down to $925 before it found a buyer, and was originally priced at $1.265 in February, 2008 – that proved to be optimistic.

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