Tuesday, January 12, 2010

Stuyvesant / Peter Cooper two-step

Is it just me, or did BlackRock and Tishman/Speyer's decision to default on debt payments coming due over the real estate deal of the century in the East Village smell funny. Coming on the heels of Ecuador's decision to thumb its nose at its creditors in December of 2008, the Federal government's decision to interject the UAW in front of more senior creditors in the GM bankrupcy negotiations, and the new fad for walking away from underwater mortgages, there's a whole new culture of debt repudiation coming round.

BlackRock and Tishman Speyer couldn't come up with the dough? I don't know about T S, but BlackRock? What, are they strung out from the Barclay's Global Advisors acquisition? Come on, Black Rock sitteth at the right hand of the Fedder in every matter these days. They just decided it didn't suit them to own up to this clusterfuck of a deal. A whimper rather than a bang.

1 comment:

Anonymous said...

Other people's money, private profit, public risk. It's been this way for 30 years. The days of US hegemony are gone. The advantage of post-WWII industrial capacity, an educated workforce and no competition from abroad is no more. Blackrock is just gaming the system.