Comments on: State lost $250 million on NYC real estate deal http://www.postonpolitics.com/2009/09/state-lost-250-million-on-nyc-real-estate-deal/ News about politics and government in Florida Mon, 13 Feb 2012 14:38:35 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Sick of Government Waste http://www.postonpolitics.com/2009/09/state-lost-250-million-on-nyc-real-estate-deal/comment-page-1/#comment-17889 Sick of Government Waste Tue, 03 Nov 2009 21:27:21 +0000 http://www.postonpolitics.com/?p=10034#comment-17889 According to a report I saw this past weekend on MSNBC, one fo the largest contributers to Gov. Christ's campaign was the very same developer that our state just lost $250 million investing in. Coincidence? I beginning to think our govenor is as crooked as Lumbard Street in San Francisco. According to a report I saw this past weekend on MSNBC, one fo the largest contributers to Gov. Christ’s campaign was the very same developer that our state just lost $250 million investing in. Coincidence? I beginning to think our govenor is as crooked as Lumbard Street in San Francisco.

]]> By: Retired Guy http://www.postonpolitics.com/2009/09/state-lost-250-million-on-nyc-real-estate-deal/comment-page-1/#comment-14009 Retired Guy Wed, 02 Sep 2009 00:18:11 +0000 http://www.postonpolitics.com/?p=10034#comment-14009 In response to Allen: I assume the SBA's auditors have informed management that because it's expected that the project will be sold or go into bankruptcy and liquidated, in either case at a loss, that it's not likely that the state will recoup any of its investment. So they have to show the true value of the investment on their books, which was $250 million two years ago but is zero now. One of the many obvious questions is why are the geniuses who made or approved this "investment" decision still employed by the state (i.e. we taxpayers)? If they are this incompetent then they should be dismissed. How many other great investment decisions did they make that we don't yet know about? There could be another 250 of them at $1 million a pop that haven't yet surfaced. Certainly this can't be the only investment which went south. The state could have avoided these losses and saved a lot of money in needless salaries and benefits for these investment geniuses by not employing them and just putting the money in FDIC insured CD's. In response to Allen: I assume the SBA’s auditors have informed management that because it’s expected that the project will be sold or go into bankruptcy and liquidated, in either case at a loss, that it’s not likely that the state will recoup any of its investment. So they have to show the true value of the investment on their books, which was $250 million two years ago but is zero now.
One of the many obvious questions is why are the geniuses who made or approved this “investment” decision still employed by the state (i.e. we taxpayers)? If they are this incompetent then they should be dismissed. How many other great investment decisions did they make that we don’t yet know about? There could be another 250 of them at $1 million a pop that haven’t yet surfaced. Certainly this can’t be the only investment which went south. The state could have avoided these losses and saved a lot of money in needless salaries and benefits for these investment geniuses by not employing them and just putting the money in FDIC insured CD’s.

]]> By: computer consultant http://www.postonpolitics.com/2009/09/state-lost-250-million-on-nyc-real-estate-deal/comment-page-1/#comment-14004 computer consultant Tue, 01 Sep 2009 20:25:06 +0000 http://www.postonpolitics.com/?p=10034#comment-14004 Goverment efficiency in action. I am sure there are many more cases like this outthere Goverment efficiency in action. I am sure there are many more cases like this outthere

]]> By: Allen http://www.postonpolitics.com/2009/09/state-lost-250-million-on-nyc-real-estate-deal/comment-page-1/#comment-14001 Allen Tue, 01 Sep 2009 18:46:23 +0000 http://www.postonpolitics.com/?p=10034#comment-14001 How does a $250 million piece of real estate all of the sudden become worth nothing??? I can see it depreciating, but losing all of it's value? Can the Post provide a little more explanation? How does a $250 million piece of real estate all of the sudden become worth nothing??? I can see it depreciating, but losing all of it’s value? Can the Post provide a little more explanation?

]]> By: tony gallagher http://www.postonpolitics.com/2009/09/state-lost-250-million-on-nyc-real-estate-deal/comment-page-1/#comment-13998 tony gallagher Tue, 01 Sep 2009 15:41:13 +0000 http://www.postonpolitics.com/?p=10034#comment-13998 The loss is not a loss for the state. The will raise, gas, property, sales, or any other tax the choose to compensate for the loss. If your 401K went to zero would you be able to charge your neighbors to make up for the loss? Great investment strategy by the way. Buy at the height in second position on real estate. The loss is not a loss for the state. The will raise, gas, property, sales, or any other tax the choose to compensate for the loss. If your 401K went to zero would you be able to charge your neighbors to make up for the loss?

Great investment strategy by the way. Buy at the height in second position on real estate.

]]> By: Bob http://www.postonpolitics.com/2009/09/state-lost-250-million-on-nyc-real-estate-deal/comment-page-1/#comment-13997 Bob Tue, 01 Sep 2009 15:05:11 +0000 http://www.postonpolitics.com/?p=10034#comment-13997 Why should taxpayers be on the hook to make up losses for bad investments in pension plans? Nobody guarantees my 401(k) when an investment loses value. Why should taxpayers be on the hook to make up losses for bad investments in pension plans? Nobody guarantees my 401(k) when an investment loses value.

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