Thursday Links

Big Flakes. Photo by jet200nyc from the Brownstoner Flickr pool.
Madoff Scandal Shaking Real Estate Industry [NY Times]
Tossing a Rattle Into the Renovation [NY Times]
MTA OKs Hike in Double Whammy [NY Post]
Architect Drops Ax on Yards Staff [NY Daily News]
Cyclists Face Opposition in Williamsburg [Brooklyn Eagle]

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Still one very prominent name missing from the list of Madoff investors...the smart one...Bloomberg!!!

Posted by: daveinbedstuy at December 18, 2008 8:48 AM

Lisa, maybe you should have done an entire thread on the NYT article about Madoff....it probably would have generated alot of posts.

Here in the 'links' it's just getting buried.

Posted by: bayridgegirl at December 18, 2008 9:01 AM

Some good news for those of you who lost money with Madoff. looks like you'll be able to claim the loss under the theft category with the IRS as opposed to an investment loss.

Hope this brightens up your day.

Posted by: daveinbedstuy at December 18, 2008 9:06 AM

Lets all take a minute to think about the bumbling MTA today and how they're going to do great during this financial downturn.

Posted by: werner at December 18, 2008 9:30 AM

It was a big mistake to negotiate with that union.

Posted by: daveinbedstuy at December 18, 2008 9:36 AM

Most interesting thing in Maldoff article: "And a Manhattan psychotherapist who counsels real estate leaders and bankers said most of the patients he has seen this week have close friends and relatives who lost money with Mr. Madoff."

Who is this psychotherapist to the broker stars? That I need to know.

Posted by: longtimelistener at December 18, 2008 9:37 AM

LTL: From the NYT article - toward the very end -

"Kenneth Mueller, a Manhattan psychotherapist who counsels many real estate and financial executives, said those who lost money to Mr. Madoff called his indictment “the nail in the coffin for the commercial real estate industry,” which had already been hurt by the recession."

Posted by: cobblehiller at December 18, 2008 9:49 AM

oh, right...reading the whole thing is a good idea.

Posted by: longtimelistener at December 18, 2008 9:51 AM

I think one of the reasons this story is so compelling is that regular folks who have to put their little bit of money in mutual funds or cd's are getting a secret kick out of seeing the fancy-ass Palm Beach crowd getting taken by a con man. That is what usually happens to poor people. There are ordinary people I'm sure who have lost their life savings and my heart goes out to them, but the rich baracudas? No way.

Posted by: sam at December 18, 2008 10:17 AM

More on the SEC's negligience re: Madoff:

http://tpmmuckraker.talkingpointsmemo.com/2008/12/sec_vet_commission_missed_some.php

Posted by: tinarina at December 18, 2008 10:37 AM

tinarina, you might have to cut up the link and re-post. Doesn't seem to work as you've posted it above.

Posted by: Biff Champion at December 18, 2008 10:48 AM

Here it is Biff:

http://tpmmuckraker.talkingpointsmemo.com
/2008/12/sec_vet_commission_missed_some.php

I broke it into two parts, so you'll have to mind the gap!

Posted by: cobblehiller at December 18, 2008 10:54 AM

thanks cobblehiller, that worked.

Posted by: Biff Champion at December 18, 2008 11:03 AM

Hey, I love that photo. Quintessential Brooklyn winter.

Posted by: Brenda from Flatbush at December 18, 2008 11:10 AM

Isn't that photo great? And I was thinking where is this cute street? And then I realized....Williamsburg. Isn't that weird? Williamsburg used to be hideous, architecturally.

Posted by: mopar at December 18, 2008 11:52 PM

I agree the Madoff/NY RE market connection should have been its own thread - there was also a segment on Brian Lehrer about this that was fascinating, about how NY residential real estate will be affected. A key point was how the very rich had dragged the overall market upwards by crazy amounts over the last few years, fueled by tremendous wealth increases, which are now crashing down (Madoff being just a stick breaking the camel's back). The ripple effects throughout the *whole* market will be huge - expect big discounts in 2009.

Posted by: Miss Muffett at December 19, 2008 1:17 AM

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December 18, 2008

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