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.