Owners: $5.4B NY Housing Complexes Go to Creditors

Written By Associated Press
January 25th, 2010

The financially troubled owners of two massive apartment complexes that sold for a record $5.4 billion a few years ago said Monday they're turning them over to their creditors.

The joint venture ownership team led by Tishman Speyer Properties and BlackRock Realty, hurt by the real estate market collapse, couldn't make a multimillion-dollar loan payment earlier this month for the Stuyvesant Town and Peter Cooper Village apartments in Manhattan.

Democratic Candidate for governor Bill Bradbury Wants to Create 'Bank of Oregon' If He Were Governor

Written By Harry Esteve, The Oregonian
January 25th, 2010

The state of Oregon should have its own bank so taxpayer dollars could help fund local businesses instead of boosting the profits of big multinational banks, says Bill Bradbury, Democratic candidate for governor and former secretary of state.

FDIC Geared Up for Busy Year of Bank Failures

January 21st, 2010

The U.S. agency charged with dismantling or selling off failed banks said it is equipped to deal with what it sees as a busy 2010, according to remarks to be delivered before Congress on Thursday. The Federal Deposit Insurance Corp expects that bank failures will remain elevated this year, said Mitchell Glassman, director of the FDIC's division of resolutions and receiverships.

US Does Not Have Capitalism Now: Stiglitz

January 21st, 2010

Layers of money managers that don't bear the brunt of losses but walk away with big payouts when things go well have turned the US economy to a type of "ersatz capitalism," Joseph Stiglitz, Columbia University professor and Nobel laureate, told CNBC Tuesday. "An awful lot of people are not managing their own money," Stiglitz said. "In old-style 19th Century capitalism, I owned my company, I made a mistake, I bore the consequences."