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Brief Update On Tishman Speyer's Fed "Rescue" Conflict Of Interest
Earlier we reported that the Fed is now in the business of bailing out real estate companies, specifically Tishman Speyer. Little did we realize we are about to have another Stephen Friedman moment on our hands. It may, but probably won't, come as a surprise, that Jerry Speyer is on the Board of Directors of the very same Fed that approved the restructuring of his firm's loans in Chicago. We are confident Jerry recused himself of any deliberations that used taxpayer money to provide his firm with a couple hundred million in immediate funding. We just wonder if Tishman Speyer is also considering converting to a Bank Holding Company and accessing the Fed's Discount Window: after all, what's a few hundred billion in taxpayer capital between conflicted CEOs-slash-directors of companies that have no business in getting indulgences from the Fed? Oh yes, that would be just another example of the now perfectly accepted, legal and encouraged concept of conflict of interest, "less than arm's-length" dealings between kleptocrats and middle class money.
From Mr. Speyer's Bio on the FRBNY's website:
Jerry I. Speyer is president and chief executive officer of Tishman Speyer Properties. Prior to forming Tishman Speyer Properties in 1978, Mr. Speyer was senior vice president and director of Tishman Realty & Construction Co., Inc. from 1966 to 1978. He began his career in 1964 as assistant to the vice president of Madison Square Garden.
Mr. Speyer is vice chairman of the Museum of Modern Art, and his board affiliations include YankeeNets, the Rand Corporation, the New York Presbyterian Foundation, Inc., New York Presbyterian Hospital, the Real Estate Roundtable and the Urban Land Institute. He is also a member of the Council on Foreign Relations.
He received a bachelor’s degree from Columbia College in 1962 and an MBA from the Columbia University Graduate School of Business in 1964.
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Lets put the Vitter's amendment back on the table.
Better idea: lets start pitchforking these thieving fucking dickheads.
That could work.
The saddness I feel is due to the fact that I cannot say "unf'ing believeable" without lying. This is the stuff "off with their heads" is made of.
It's also the stuff our nation was made of. The founders were some badass revolutionary motherf*ckers. Their conclusion was simple: Everyone pick up guns and start saying "Get out".
"Governments are instituted among Men, deriving their just powers from the consent of the governed, That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government"
-- The Declaration of Independence
We need to get back our mojo.
you should really start putting photos up of these crooks -Maybe they will become pariahs in their communities where their money will become no good as middle class small business owners refuse to give them service
http://www.istockphoto.com/file_thumbview_approve/3084530/2/istockphoto_...
Lmao - Is that everybody that was bailed out ? They could all come from the same family
They all seem to have that funny last name, like Goldfine,Blankfein, what to make of this.
You are about to step into a pile of the link posted above.
HAHA!
I found a picture of him with his CFO:
http://stuytownluxliving.com/2008/12/jerry-speyer-and-steve-o-star-in-ne...
I know steve- o and I could swear I have seen the other guy in a dress singing at lucky chans
FED sucks.
Welcome to a runaway corruption train. Early or later but it will hit a brick wall.
Obama Theft Inc. administration is beyond belief. The man belongs to a prison cell instead of being a president of any civilized country.
America, we are in a deep shit and worse.
We are Sooooooooooooooooo Fucked.
And Not Because of What They Have Done Yet, but Even More So Because of What They Have Done, What They Will Propose Next, to "Rectalfy" their Own Past Transgressions.
More Bread and Circuses;
We Get a Shitty Circus,
They Keep the Bread.
We are Soooooooooooooooo Fucked.
No wonder the GS folk get NYC carry permits. Bad, bad, bad.
Please send copies to huffington post, fire dog lake, Alan Grayson, and Ron Paul. INcluding the white house. As I keep saying the situation will only be solved when there are riots in the streets and mayhem. it's sad that our democracy is such a sham.
The political, financial, and executive class INTERLOCKS almost completely. I've been saying this for years.
They all are part of the same social clubs, all serve on each other's boards, all golf with each other, and all their kids go to the same elite schools.
How else could bust CEOs get payraises? They sit on the boards approving raises for the executives that sit on the board giving THEM a raise.
The management culture is that failure of a company is the fault of worker class employees, never executives. Consequently, they need to achieve more "value" out of us or reduce manpower unit costs.
There is NEVER an executive who needs a paycut...because they've "arrived" and are above that, just ask all their buddies.
Pretty damn good summary....
And the news element of your post would be?
Just when you think it can't get any worse! I have to agree with The Franchise--- Un-FUCKING-believable!!!
UNF*CKING BELIEVABLE.
This will lead to heads on spikes. Couple the UE number with billionaires getting bailed out by the taxpayer, and the only result is bloodletting.
I say put Speyer and Bernanke on a Boston Whaler headed to Gaza. I think we will not have the usual Israel-Palestine argument when the IDF blows their skiff out of the water.
<Speyer and Bernanke on a Boston Whaler headed to Gaza>
No good. Israelis will meet them with kisses and flowers. They are the people without whom Israel would no be able to function as a terrorist state providing it with military and political cover and support.
In addition to the actual acts of corruption, which are despicable enough, they're now carrying out these acts in broad daylight, without any pretense of a 'crisis' or some other consideration that is 'in the public good'. They're not even bothering to cover it up or make an excuse anymore. Why? Because they can. Because they've captured the legislative, executive and (some believe) judicial branches of our government with lobbying (bribery) and political donations (more bribery). God I really really hate these guys.
In 1971 I marched on Washington.
I'm ready to go again.
Now there might be 40 million others.
I say...SHUT IT DOWN.
Washingtons a police state now. They've been preparing for this for a long time.
I'm tired of this.
This said on another thread a while back -
Things will onlychange when:
" The last thing a bankster's eyes should see in this world should be the bottom of the wicker basket that will shortly contain said bankster's head."
" 'It is a far, far better thing that I do.AAAAHHHH !!! "
THUNK
Said remedy also applies doubly to our CEO and incumbent politician classes.
Let's Party Like It's 1789 !!!
KrvtKpt. laughing swordfish
Head Trader DKM Trading Division
I remember 1789.
+5
The level of fraud is such they can't hardly talk and not disclose it. April Greenspan interview where he breaks down the 3 groups who played the subprime mtg market. The large group who got it wrong, the small group who played it right for the wrong reasons, and the 'even smaller group who got it right for the right reasons, MOST OF WHOM ARE MY FRIENDS....AND THEY ALWAYS GET IT RIGHT TIME AND TIME AGAIN' - well of course they do.
http://webcache.googleusercontent.com/search?q=cache:KWd3CRXwKU4J:blogs....
This news would shock the conscience if it were true.
Fortunately, it isn't. Speyer's term as a director of the NYFRB ended December 31, 2007. He is not currently a director, contrary to this post.
http://www.newyorkfed.org/aboutthefed/org_nydirectors.html
I'm sure glad I actually follow the links and check things out for myself before getting worked up about things. Unfortunately, there are plenty of other things to get worked up about these days.
He's part of tha Club.
Shocking !!!
Friedman actually replaced Speyer in 2008.
-1 Naive post, friend
It is because of his past service on the Fed that Speyer knows the other directors still sitting and can arrange a deal like this for himself. Tishman is politically connected at the highest levels. He scratches their backs, they scratch his.
distinction without a difference
Shall I just assume what tribe he belongs to?
I checked. He belongs to the same tribe as:
S. Friedman
A. Greenspan
L. Summers
R. Rubin
B. Bernanke
J. Pauson
A. Litowitz and D. Snyderman of Magnitar Capital
L. Blankfein
God damn. These people are going to turn me into a bigot.
Uh, Tao...besides his prior position at the NYFed, how about RAND and CFR? He knows everyone he needs to. It doesn't matter when he was on the board. Once you're in the club you're a lifer. Huhhh!
This is pretty special though...They're not even trying to cloak it anymore.
Wikipedia’s Jerry Speyer bio is too priceless to be left to a chance read: it paints so clearly the typical Fed poster child in “need,” the typical oligarch for whom the Fed is deflowering America by debasing her currency, the economy and her standard of living. Every debased dollar created by the Fed dilutes the value of existing dollars in circulation--a sinister and evil form of deceptive taxation.
America developed an economic system that was highly successful, that birthed the American Dream--the envy of the world. Her Founders wanted a government to protect that sytem—not to exploit its success by giving private bankers a license to print money in secret for themselves.
The authors of the Constitution gave no authority for Congress, the Federal Reserve, or the executive branch to operate the current system of unsound money with its excess of credit and ongoing selective bailout of failure. Now, Americans face the hidden confiscation of their weatlh by oligarchs working together in secret to seize the power of the government and to steal money from the treasury and to counterfeit the nation’s medium of exchange for themselves.
And Obama believes Americans are so dumb, they think they are the government.
Here’s Wikipedia on Jerry, recommended earlier by OpenEyes-----------------------
Jerry I. Speyer (born June 23, 1940) is one of two founding partners of the prominent New York real estate company Tishman Speyer. Speyer is also the owner of the Chrysler Building and Rockefeller Center.
Early life: According to a 1998 profile in The New York Times, "[Speyer's] mother is Swiss, and his father comes from one of the old Jewish families of Frankfurt; his father fled Germany in 1939. Speyer grew up in a cultivated and proper German-Jewish household on Riverside Drive. At Columbia University, he majored in German literature and joined Zeta Beta Tau, a Jewish fraternity. Speyer was one of those people who were solid, and even solemn, at an age when others are still flailing and unsure of themselves." [1] Speyer graduated from Columbia College in 1962 and received an MBA from Columbia Business School in 1964.
Business and Social Life: Speyer began his career in 1964 as Assistant to the Vice President of Madison Square Garden. Speyer has served as President & CEO of Tishman Speyer since the company formed in 1978.Speyer is deputy chair and a member of the Executive Committee of the Federal Reserve Bank of New York, vice chairman of the New York Presbyterian Hospital, chairman of the Museum of Modern Art, and vice chair on the Board of Trustees of the Rand Corporation. Speyer is also chair of the Executive Committee and chairman emeritus of Columbia University, chair emeritus of the Real Estate Board of New York, and past president of the Board of Trustees of the Dalton School.
Speyer is also chairman of the Museum of Modern Art, and chair emeritus of the influential Partnership for New York City, founded by David Rockefeller.
Speyer sits on the board of Carnegie Hall, alongside Sanford Weill, the former chairman of Citigroup, with whom he has a close business relationship (see External Links below). His other board affiliations include Siemens AG and the Real Estate Roundtable, and have included YankeeNets, the New York Presbyterian Foundation, Inc., and the Urban Land Institute. He is a member of the Economic Club of New York, and a member of the Council on Foreign Relations.
On October 17, 2006, Speyer signed a deal to buy Stuyvesant Town and Peter Cooper Village, 12,232 apartments in 110 buildings along the East River in Manhattan, for $5.4 billion.[2] In January 2010, Speyer defaulted on the loan, losing millions for the investors.[3]
Speyer campaigned for former New York State Governor, Eliot Spitzer, paid for a political exhibition in Grand Central Terminal, and was a member of Governor Spitzer's cabinet. As a political advisor, Speyer is immune from investigative questions in the Governor's "troopergate" scandal.
Family: Speyer is married to the socially connected Katherine G. Farley, who sits on the Executive Committee of Lincoln Center.
Farley graduated from Brown University in 1971, and continued her studies at the Masters of Architecture Program of the Harvard Graduate School of Design, graduating in 1976. She served as manager of new business development for East Asia and the Pacific for Turner International Industries, before joining Tishman Speyer in 1984.
She is a senior managing director at the Tishman Speyer, responsible for the company's real estate activities in Latin America, and for the company's expansion into other emerging markets, chairs the company’s Compensation Committee, and is a member of the Management, Investment, and Executive Committees.
She is also chairwoman of Lincoln Center's redevelopment. In addition, she is on the executive committee of the International Rescue Committee, a refugee relief and resettlement organization; is chairman emerita of Women in Need, which helps homeless women and children in New York City; is a vice president of the Brearley School, and a member of the Board and Executive Committee of the Alvin Ailey Dance Foundation. Farley served on the boards of Lincoln Center Theater and the New York Philharmonic.
The couple met at Tishman Speyer. They began dating in 1988, a year after the divorce of Speyer and Lynne Tishman, whose great-grandfather Julius Tishman founded Tishman Realty and Construction, of which Tishman Speyer is a spinoff. They were married in 1991.
Jerry Speyer - Wikipedia, the free encyclopedia
http://en.wikipedia.org/wiki/Jerry_Speyer