Category: Wall Street

Featured resident Alan Wilzig

Nearby resident, Alan Wilzig, and fan of BatteryPark.TV, is featured in the NY Post today.

Where there’s a Wilzig  By MICKI SIEGEL New York Post

Last Updated: 9:06 AM, January 12, 2012 Posted: 9:50 PM, January 11, 2012

There’s no shortage of remarkable residences in tony TriBeCa. But with a Crestron home-automation system that turns a room pink or purple at the touch of a button, a 550-gallon fish tank, a tanning room with a dry-heat sauna, a private garage for motorcycles and even a collection of uranium glass (perfectly safe, we’re assured), Alan Wilzig’s 7,500-square-foot Hubert Street townhouse takes things to another level.

Wilzig, a TriBeCa pioneer, is the founding director of the Jewish Community Project of Lower Manhattan, which was created in 2001 and launched a Jewish preschool. He’s co-owner of the new, red-hot Kutsher’s Tribeca, a “modern Jewish-American bistro” that’s already known for its high-quality smoked meats, latkes and matzo-ball soup. And along with being an entrepreneur, race-car driver and motorcycle enthusiast, Wilzig, 46, has created one of the craziest and most colorful houses in his moneyed neighborhood.

Back in 2003, Wilzig lived in TriBeCa and worked in Jersey City. Every night on the drive home, while exiting the Holland Tunnel, he saw a billboard that intrigued him. “Coming Soon,” it read. “Full-floor penthouse condos, maisonettes, townhouses.”

“I would see that and wonder about condo townhouses,” Wilzig says. “It was as if that sign were there just to entice me.”

It turned out that developers were putting up a building called the Hubert at 7 Hubert St., and two townhouses were part of it. One seemed perfect for Wilzig and his future wife, Karin Koenig. It was a rare, 39-foot-wide, three-story glass house (Wilzig later put in bulletproof windows) sandwiched between two 17-story towers.

This private home had the amenities of a luxury building — a doorman, 24-hour concierge services, a superintendent and tight security. Plus, the townhouse had its own garage. “It was really the best of both worlds,” Wilzig says.

The security-conscious Wilzig especially liked the fact that there are several ways to get into the house. He could drive in through his garage. He could walk in through the house’s French doors on the street. But for Karin, 41 — an artist and high-fashion handbag designer (winisha.com) — he wanted her to enter through the lobby with its watchful doorman and then walk to an inner door of the townhouse.

In addition to its 7,500 square feet inside, the townhouse has a 2,500-square-foot rooftop garden and a 1,000-square-foot backyard patio that houses a hot tub big enough for eight people. The residence has five bedrooms, 5 1/2 bathrooms, an eat-in kitchen, a dining area, an office, a media room, a laundry room and the garage, where the color orange dominates.

There was just one problem — and it was a big one. “The developer wanted to cut the rooftop space in half,” Wilzig says. “That meant I would have 1,250 feet, and another apartment would have the rest for a patio. I said that I wouldn’t buy the townhouse without the entire space. In that case, the builder wanted $300,000 added to the purchase price of $3,335,000.

“It was finally settled when I offered another $100,000 and said the builder could give me an empty concrete box instead of finishing it with marble, wood and fancy appliances. And, that way, Karin and I designed the apartment the way we wanted.”

The renovations took 11 months and cost more than $1.5 million.

The couple were married by the time they settled into the townhouse in November 2005. That December, Karin gave birth to their son, Siggi (named after Wilzig’s late father). Eighteen months later, daughter Winni was born.

The Wilzigs filled the townhouse with unusual household items. First and foremost is the Crestron system that, in addition to changing the lighting, controls the music and the TVs, unlatches the front door and has buttons for everything from checking out the weather to looking in on the children in their rooms to seeing what’s going on in the street around the house.

“Part of the fun of home automation is that I can change the colors of everything from the fish in our aquarium to the façade of our townhouse,” Wilzig says. “When we set this up, I was still planning on lots of entertaining and making the house something like a nightclub. So, the media/ entertainment room, the lower level of the house and the garage can be bathed in different-colored lights.

“The reality is, we moved in here and a month later Siggi was born. So, the first time we turned the color on was to turn the house’s façade baby blue in honor of his birth. And, later, we did it in pink for Winni.” (And, for parties, they can light up the façade of the house to match the occasion.)

Also colorful is the 14-foot-long fish tank that holds a family of butterfly koi. (Wilzig thinks they’re happy because his lighting controls can turn the color of the white fish to red, yellow, blue or whatever mood strikes him.) And a 10-foot-long skylight above the main staircase can be transformed to the color of a pink sunset or the blue of a sunny day.

In the media room, one wall is covered in a material called Screen Goo; it’s a specially formatted line of acrylic paint for video projection that turns the wall into a super-size screen for movies and TV. Then, when it’s not in use, it’s just an ordinary-looking wall.

But the home isn’t just about fun. Wilzig turned the master bedroom into a “safe” room. The door is made of heavyweight steel with unbreakable locks. There’s a peephole with a view of the entire hallway.

“The bed is in reverse,” Wilzig says of the bedroom. “The television is built into the headboard instead of the footboard. That’s because it faces the bath and its glass shower. I find it much more entertaining to watch my beautiful wife take a shower than to watch television.”

But since opening Kutsher’s TriBeCa on nearby Franklin Street in November, there hasn’t been enough time to watch much of anything but the upscale deli.

The restaurant was inspired by the old Kutsher’s Resort Hotel and Country Club in the Catskills and the long friendship of the Wilzigs and the Kutshers. Wilzig’s father was an Auschwitz survivor who ended up controlling banks and oil companies, but vacationed only at Kutsher’s Resort. Today, the sons, Wilzig and Zach Kutsher — with partners Jeffrey Chodorow and Richard Kirshenbaum — are picking up where their fathers left off.

Wilzig is also launching a reality TV show with Lionsgate Entertainment. Its working title is “Wilzig World,” and the plan is to start broadcasting by next fall. With the exception of his sister, Sherry (who Wilzig says is “normal and conservative”), the show will focus on Wilzig’s flamboyant family.

“It will be about everything from my professional racing and what it’s like owning my own racetrack in Columbia County,” Wilzig says, “to the unique lifestyle of my perpetual bachelor brother Ivan, who’s called the king of the Hamptons. He lives in a 15,000-square-foot castle in Water Mill that Karin and I built.”

That castle, which was featured in The Post last June, includes a dungeon that also serves as an eight-car garage.

“And then there’s our mother,” Wilzig continues. “I think it’s safe to say that she’s the only 76-year-old Jewish grandmother who owns 5,000 pieces of erotic art and runs her World Erotic Art Museum in the heart of South Beach.”

But surely, Wilzig’s townhouse, with all its quirks and colorful flourishes, will be one of the stars of the TV show.

“A friend says that I created a bachelor pad for the entire family,” Wilzig says. “That might be. The house looks like a bachelor pad, but it functions like a family home.”

Is your financial analyst not up to par?

December 8, 2011

By Steven Greer, MD (former financial analyst on the sell side and buy side, and portfolio manager within a $10 Billion fund)

The bad economy and large volatility in the markets has made for yet another challenging year. It is easy to point fingers of blame for struggling portfolios. However, there have been plenty of stocks in healthcare that made large gains, and plenty of stocks that have imploded and were good shorts.

Statistically speaking, there is a good chance that your analyst was not picking these few alpha winners. Why did they miss these contrarian stock picks?

There are some common pitfalls that financial analysts fall into. As a PM managing the analysts, you know of these hazards well, but you might find it interesting to read our list anyway.

  • Does your analyst lack the courage to think independently? Does your analyst require the validation of the sell side shop notes before they will jump on the bandwagon of a stock thesis? One of the big mysteries in investing is how sell side research still has the relevance that it has. The most junior of analysts all know that the stock ratings are a joke, that sell side analysts are bad stock pickers bogged down with conflicts of interests, and so on (there are some exceptions). Yet the vast majority of buy side analysts still get herded around like sheep by the leading sell side analysts. They end up buying too late or, more commonly, holding stocks despite obvious risks that have been downplayed by cheerleading sell side research.
  • Does your analyst rely more on networking and talking to other analysts than on creating original work? The biotech sector analysts are the worst at this, and it is the reason many PMs were led over cliffs in DNDN, etc. If your analyst spends more time on the phone than on building models or doing field checks, etc, then there is a significant risk that you, as the PM, are being fed the same ideas circulated throughout the Street. This is another manifestation of herd mentality.
  • Does your analyst think that the investing process is a big game meant to be rigged. Do they think that their cartel of friends can change reality? Scores of examples of biotech stocks imploding 70% after reality won the day can be recalled by any PM. In many cases, the analysts knew of the particular risk causing the implosion and thought that they could scam the system and change reality. For example, a concerted cartel of oncologists, investors, and small blogging journalists helped to get the controversial Dendreon therapy approved despite weak clinical data. They succeeded in delaying reality for a while. However, once Provenge was approved, the real world oncologist wanted nothing to do with it. Dendreon is a now a distressed company.
  • Have your analysts become entitled due to the pandering sales reps? Mutual fund analysts are very susceptible to this. Analysts at large hedge funds that pay sizable trading commission are also vulnerable. The hubris that ensues after sales reps cater to your analysts is the downfall of a stock picker. Behind every large stock implosion that cost some large fund hundreds of millions of dollars was an entitled analyst that got lazy and arrogant.
  • Is your analyst simply lazy? Not all sell side research is crap, and any sell side analyst will tell you that most of their good notes go unread. Does your analyst even read the research that you, as a PM, pay good money to receive?
  • Does your analyst have the insight and training required? Many analysts do not have the medical and sell side training to allow them to distinguish important research ideas from bad ones, or to see through company spin. Over the last decade, when the number of hedge funds exploded, far too many entitled “Harvard MBA” types went straight from B-school to stock picking, without any training other than a useless degree. Investment banking, sell side research, and industry business development best prepare an analysts to fight on the front lines and pick stocks for a living.

 

 

 

Wall and Water

You can now rate this restaurant by clicking here, and post your comments in the section below.

75 Wall Street in the Andaz hotel

212 699 1700

Why News Corp and Disney should merge: A perfect storm is on the way for cable TV

January 3, 2012  By Steven Greer, MD

The cable TV business model is still printing money, despite high user dissatisfaction with the cable delivery companies and the poor quality of content found on most channels. How long will that disconnect last? When will the cash cow dry up?

Last quarter, News Corporation (NWSA) reported record revenue from their largest division, which is cable TV. Fox News (and other European assets) earned $775 Million, up 18% in a global recession. In comparison, the Fox broadcast TV (e.g. American Idol, the Simpsons, etc) pulled in only $133 Million. Multiply all of those numbers by four to get the annual revenue for the calendar year 2011, which computes to approximately $4 Billion from cable TV.

Disney’s (DIS) largest revenue producer, by far, is their cable operation led by ESPN. Last quarter, Disney cable brought in a record $3.5 Billion, up 11%. The next closest money printing machine within Disney was the theme park division, which pulled in $3.1 Billion on the top line. For the full calendar year 2011, Disney will make more than $13 Billion in revenue from cable TV.

The reason TV content creators earn so much more from cable than from broadcast TV, despite many millions more watching broadcast TV, is that the networks charge the middlemen cable providers hefty fees to carry their channels, in addition to charging advertisers to place ads. For CNBC as an example, they get about half their revenue from fees collected from the Cable Guy. ESPN fees equate to nearly a $5 per month charge in each cable TV subscriber’s bill.

The networks keep jacking up the fees and holding the NFL and other content as hostage unless the Cable Guy pays up. Content is King and they know it.

This is why the networks recently agreed to absurdly high fees to the NFL, some $24 Billion over many years, despite the actual revenue to be collected from broadcasting those games to be nowhere nearly enough to offset the fees. In the bigger picture, the premium NFL content allows the networks to have the advantage at the bargaining table.

As a result, cable providers, such as Time Warner, Comcast, or Verizon have been losing those negotiations with the networks and simply passing on the costs to the consumer, amidst the recession. Monthly cable TV now well exceeds $100 per month in most regions.

There are signs of successful pushback from the cable providers. New cable TV channels are failing. The Oprah Winfrew Network (OWN) is struggling to get cable providers to pay the fees and distribute it to viewers. In New York. Time Warner recently cancelled the deal with MSG, so millions on viewers will no longer be able to see Knicks and Rangers games. The Fox Business Network, despite being part of the powerful News Corp family, had trouble getting picked up by cable providers and only recently reported a profit after launching in 2007. Fox Business could actually be considered a success by current standards. It is unlikely that small independent cable channels will succeed as they did decades ago.

What would happen if Americans and Europeans, in droves, suddenly stopped paying $150 or more per month to receive cable TV? What if everyone started using their fancy new iPad or Apple TV screens to watch video content delivered via the Internet, bypassing the Cable Guy?

Ask any cable TV executive the question, “Will people stop paying for cable TV soon?” and all of them will answer, “No way. Content is King. We have the monopoly on content”. But that is no surprise. For any mature industry, the insiders are the last to acknowledge major paradigm changes on the horizon.

A perfect storm is on the way for the cable TV industry, and might hit as soon as Q4 2012 with a salvo from Apple (AAPL). First, the average cable TV subscriber is broke and can barely make ends meet with groceries, mortgages, and gas. High-speed Internet alone costs around $60 per month. However, Internet plus cable TV is a whopping $150 per month when all fees and taxes are added. Is ESPN’s Monday Night Football essential when free broadcast carries the other games? Are MSNBC, TLC, or MTV essential for those families, especially when delayed versions are on the Internet via Hulu and other portals?

Then, add to this perfect storm the appeal of the newer TV interfaces via Xbox or iPad that surpass the 1970′s cable TV remote control by light years. Very soon, the old remote control will simply become unacceptable to anyone under the age of 30 and the important advertising demographics.

Thirdly, there will finally be some easy-to-use solutions for watching Internet video on one’s large living room TV, arriving later this year. Apple TV and a new iPad are the likely forms.

The final fuel to this perfect storm, later on in 2013, will be the original content created directly by new forms “studios” and thousands of smaller independent channels, all delivered via the Internet bypassing cable providers. The hit cable show “It’s Always Sunny in Philadelphia”, now on Comedy Central and FX, started as an online production made by some guys with a digital camera for $85. Google, Netflix, and other larger companies have original content productions in the works.

The cable providers are already seeing reductions in subscribers and are trying to diversify into other businesses. Time Warner wants to offer home security, for example. However, the traditional studios haven’t yet felt the pinch. In fact, they are earning record revenues. This scenario is untenable. The day of reckoning is near at hand.

When industries start to contract, like the pending implosion of the cable TV industry as people cancel their subscriptions, mergers ensue as the best way to cut costs and gain “synergies” (i.e. layoffs). One good fit for a cable TV content creation merger would be News Corp (NWSA) and the larger Disney (DIS).

Disney’s ABC already partners with Fox News given the lack of cable news operations for Disney. The broadcast TV and film studios for both companies would be easy integrations with huge synergies. The News Corp print and Disney theme parks have no overlap and would not create a cannibalizing situation.

Perhaps most pressing for News Corp is the uncertainty created by the ongoing European tabloid scandals and British Parliament investigations. With his son James taking fire, the successor to News Corp’s Rupert Murdoch, now 80 years old, is uncertain. All of these issues would be diminished or resolved if News Corp were folded into Disney.

One could argue that the record revenues of the cable TV content creators is a sign of a viable growing industry. However, financial analysts also know that the bubble is always biggest before it bursts.

The banks are insolvent folks

Michael Platt manages $30 Billion in Geneva, and says it the way it is. The banks are insolvent.  Watch

Why Facebook does not want to reveal its books in an IPO

Update: December 13, 2011

As we first reported a year ago, the U.S. usage rates of Facebook is way down, per the New York Times article. This is very bad for the hyped valuation and why they shunned the openness of the IPO process.

The article reads, ”

But the figures on growth in this country are stark. The number of Americans who visited Facebook grew 10 percent in the year that ended in October — down from 56 percent growth over the previous year, according to comScore, which tracks Internet traffic.

Ray Valdes, an analyst at Gartner, said this slowdown was not a make-or-break issue ahead of the company’s public offering, which could come in the spring. What does matter, he said, is Facebook’s ability to keep its millions of current users entertained and coming back.

“They’re likely more worried about the novelty factor wearing off,” Mr. Valdes said. “That’s a continual problem that they’re solving, and there are no permanent solutions.””

Update: August 20, 2011

In our previous February article, below, on why Facebook does not want to go the traditional SEC-regulated IPO route, there is a related story about Groupon that supports our thesis. Groupon is struggling to go public after its shaky financials were made public during its attempt to go public. Here’s the story.

We continue to believe that many of the claims about Facebook’s true number of users, whether that number is decreasing, and the true profitability of Facebook, are metrics that the company does not want to reveal in an IPO process.

Update: June 19, 2011

We previously reported (below) that Facebook executives might be reluctant to take the company public via a normal IPO because the disclosure process would reveal truths about decreased usership that would damage the hyped valuation. A recent report by an Internet marketing firm that tracks Facebook users claims that Facebook lost 6 Million users in the U.S. in May. Growth for Facebook is coming from non-U.S. countries late to adopt. This is consistent with our own experiences.

BatteryPark.TV recently implemented a password-protected homepage that allowed Facebook users to login with their existing Facebook account. The residents of Downtown Manhattan revolted. Almost no one seemed to be a Facebook user. In addition, anecdotal feedback indicates that Facebook is not cool any longer with the youngest users. The Facebook overload phenomenon, see below, is genuine.

We continue to believe that Facebook missed the best window of opportunity to go public in 2007. Social networking IPOs LinkedIn and Pandora have both faired poorly this year. With the end of QE2 and the worsening economy causing the markets to correct, a successful IPO window is closing rapidly.

Update: March 8, 2011

CNN just posted a story “How much is Facebook really worth?”

At the time of our story on February 1, the entire mainstream media was doing nothing but positively hyping the potential and valuation of Facebook. Unique points made in our story back in February were that the parameters that would be used to value Facebook, that would have to be made public if they went IPO, might not support a $50 B valuation. Specifically, do Facebook users stop “clicking” after the initial excitement, due to Facebook overload? Are there really 500 Million ACTIVE users? If Facebook can no longer sell your personal information due to new laws or backlash, is Facebook worth anything more than a Huffington Post model? Was Goldman Sachs trying to sell yet another dog of an investment to its clients, ala Abacus?

February 1, 2011

Facebook recently tried to raise a reported $15 Billion in capital via a novel private offering of stock underwritten by Goldman Sachs. Goldman was then planning to sell those shares to select banking clients in a manner that would somehow not violate the SEC’s 499-shareholder limit and trigger a mandatory IPO.

The whole convoluted scheme became too controversial and Goldman Sachs cancelled the offering to U.S. buyers. Instead, non-U.S. buyers received shares, raising more than $1 Billion for Facebook.

Related, Groupon, Demand Media, and LinkedIn also backed away from planned IPOs. The full disclosure process of going IPO revealed that the companies were in fact losing money rather than profitable, as they claimed using clever accounting afforded to private companies.

Why is Facebook so reluctant to go the normal IPO route? What parameters on revenue, number of users, and clicks per month would stand up to GAP and Sarbanes-Oxley? Did Facebook miss the best window for IPO back in 2007?

If Facebook does not have a true active user base of 500 million people, a claim that would be scrutinized in public offering documents and have to be personally approved by the CEO Zuckerberg, that would indeed be a powerful reason to avoid an IPO. Likewise, for an advertising revenue model company such as Facebook, the unique user “clicks” per month is a crucial parameter that drives future revenue estimates and stock valuation. If the rate of active logins per Facebook user has peaked, that too would be a serious blow to the company valuation.

Many users of Facebook, of all demographics, will explain that they initially login and “click” around on Facebook far more in the beginning, then cool off. In fact, there might be a new burnout psychiatric syndrome called “The Facebook effect”, as reported on ABC news, whereby users start to dislike the Facebook experience.

Social networking, as a whole, is a new phenomenon that has come to mainstream only within the last three years. The Time Magazine 2010 “Person of the Year”, Facebook CEO Zuckerberg, was a choice recognizing that 2010 was the year social networking gained critical mass. As Saturday Night Live noted, even many “mothers” and grandparents are using Facebook.

Will the generations that use Facebook the most, those who collect hundreds of “friends”, suddenly tune out and make Facebook yesterday’s fad like sacral tattoos and Paris Hilton? Already, an ABC interview with the actors nominated for Academy awards this year revealed that none of them are on Facebook.

Is social networking really this vastly untapped mysterious space in which to invest? The major competitors to Facebook are not doing well. MySpace, owned by News Corporation, is laying off half of its staff and rumored to be on the selling block. Google and Apple both tried to start social networking sites and failed. If the social networking space is so wildly profitable, as Facebook claims, why have these otherwise successful companies failed?

The biggest threat to the entire class of “social network” companies is whether public outrage will grow over the egregious violation of privacy that is essential for the business models of the companies. The Wall Street Journal launched a series of “What they Know” stories exposing how Facebook collects personal information of users and then sells that to advertisers. The FCC has already introduced regulation to limit this activity, and congress might pass new bills with more teeth. That would be the death sentence to Facebook revenue.

More evidence that Facebook might be desperate to inflate “clicks” and daily activity is that it allows for countless bogus “celebrity” pages to exist. The young naive user who is accepted as a “friend” to a bogus impostor Gossip Girl actor page, for example, becomes excite and starts to use the site more. Facebook has sophisticated tracking algorithms and could shut down all of the bogus sites if they wanted to.

When Goldman Sachs first announced the plan to raise $15 Billion for Facebook via a private offering, the New York Times and Wall Street Journal calculated that the entire company was receiving a $50 Billion market capitalization value. The WSJ compared Facebook parameters to other companies such as Yahoo and Google and found major disconnects between the fundamental drivers of valuation and the actual valuation being assigned.

If Facebook was wildly overvalued at $50 Billion, why would Goldman Sachs sell shares to its most important clients? To answer that, one needs to look way back in history to 2010 and the congressional hearings whereby the Fabulous Fab sold “shitty investments” called Abacus to clients, while Goldman was internally shorting Abacus. Goldman Sachs partners are under extreme pressure to perform. Failing to do so means that they lose Partner status. Given that there were no consequences to any individual at Goldman Sachs, and the CEO Lloyd Blankfein is now attending White House State Dinners, it is quite likely that the way of doing business at Goldman Sachs has not changed at all.

Let them eat cake. Sell them overpriced Facebook.

The NYMEX has removed onerous security screening stations after businesses close

November 27, 2011

By Steven Greer, MD

The New York Mercantile Exchange (NYMEX), part of the CME Group, has dropped the onerous security measures at the entrance to its retail mall. The metal detectors and X-ray bag screening station have been removed. People can now walk freely throughout the glassed-in corridor that faces the Hudson River and used to house many retail shops.

All of those shops are now closed down. Staff at the NYMEX explained that the tight security hampered business too much. The one remaining business is Jack’s Unisex Hair Salon. Late next year, new shops are supposed to move in, according to the staff.

NYMEX Staff explained to BatteryPark.TV that the security alert status since 9/11 is now lowered making the screenings unnecessary. Related, many businesses across the street in the Financial District are begging the Mayor to remove unsightly exterior barricades in front of store front businesses.

Entrance to NYMEX where screening stations used to be

 

Closed shops in the NYMEX mall

 

Jack's Unisex Hair Salon remains open

Harry’s of Hanover Square and the wine cellar

Harry Poulakakos is a legend of the Financial District in Manhattan. His first restaurant, Harry’s of Hanover Square was featured in the Academy Award winning film “Wall Street”. Harry and his son, Peter, helped developed Stone Street into a popular café district and have opened up several successful pubs and restaurants in the area.

Harry took us one an extensive tour of his flagship restaurant and its extensive wine cellar.

http://www.harrysnyc.com/

212 785-9200

Exclusive: The missing Goldman Sachs ferry boats are found

November 2, 2011

By Steven Greer, MD

The New York Times first reported in March that Goldman Sachs had purchased two new luxurious state-of-the-art ferry boats to carry employees across the Hudson River and doc at the WFC Vesey Street slip. The boats were supposed to go into commission in April but never did. In fact, the boats seem to have mysteriously disappeared.

We previously reported that neither Goldman Sachs nor the CEO of the BillyBey Ferry Company would comment on the fate of the boats. Last night, all of the parties who would know were present at the CB1 meeting. We asked the Port Authority, DOT, and BillyBey CEO Paul Goodman what became of the Goldman Sachs ferry boats and they all refused to comment (see video). The Port Authority spokeswoman said nervously, “I do not have privy to that information.” The BillyBey CEO essentially filibustered and changes the topic.

We spoke with the New York Times reporter who first covered this story, Pat McGeehan. A credible rumor circulating to explain this hush-hush over the Goldman Sachs boats is that the vessels were purchased somehow using federal bank stimulus or bailout monies, then the Goldman executives realized that buying catamaran river yachts might give a bad appearance to the press so the boats were sold or returned.

We then spoke directly with the boat manufacturer. All American Marine, in Bellingham, Washington, to ask whether they knew the fate of the Goldman Sachs boats. The marketing account manager who “handled that deal from start to finish” and has “been to New York for this many time”, told us that he “…had no idea why Goldman Sachs is not using those boats. They are still tied up to the pier in the Hudson River. They are perfectly fine, accepted, and ready to use. They just tell us that “the timing is not right” to put them into commission.”

All American Marine explained that the state-of-the-art boats made for Goldman Sachs have the least polluting engines available now which fall into the EPA’s Tier-2 category. They use Caterpillar diesel engines with exhaust particulate filters. He said, “We in the marine industry are now being pressured to clean up our act (with regards to exhaust emissions). The particulate filters are an experiment on process. The downside to strong filters are that they can back up the exhaust and hurt the engines.” He said that each boat cost Goldman Sachs approximately $2.75 Million per boat.

The Goldman Sachs mystery ferries have now been located. Why they are out of commission is still a mystery.

New York Times

 

Big meeting tonight to discuss the fate of the polluting NY Waterway boats

November 1, 2011

By Steven Greer, MD

The CB1 Battery Park City subcommittee will meet tonight to discuss the fate of the BillyBey Ferry Company’s air and noise polluting ferry boats (6:00 PM, 1 World Financial Center, 24th floor). After several meetings leading up to this one, scheduled to be in attendance tonight are the CEO of BillyBey, representatives from Senator Gillibrand and Rep. Nadler’s offices, the EPA, the DOT, the non-profit environmental watchdog group the NRDC, and The New York Times.

Key issues to be determined will be:

  • What did BillyBey do with the more than $7 Million in grants provided by an arcane grant from the State and City specifically meant for cleaning up ferry boat exhaust? “The New York State Energy Research and Development Authority (NYSERDA), in partnership with the New York City Department of Transportation (NYC DOT) and the Federal Transit Administration (FTA), announces the Deployment Phase of the New York City Private Ferry Emission Reduction Program.”
  • BillyBey claims that several of their boats have already been retrofitted with diesel particulate filters. However, per our filming and reporting, not a single New York Waterway ferry that docks at the Vesey Street slip seems to have any such filter.
  • BillyBey also claims to be completely replacing older diesel engines with more modern “clean diesel”. When will this take place?
  • What happened to the brand new super-clean and quiet Goldman Sachs ferry boats, seen briefly in April and reported by the New York Times? They seem to have disappeared and never made it into service. BillyBey CEO Goodman refused to answer that question in our previous call with him.
  • What powers does the federal Clean Air Act give our local EPA to enforce pollution violations that appear to be committed by the BillyBey New York Waterway ferries? The well-funded non-profit environmental watchdog group, the NRDC, and the EPA, will shed some light onto that.
  • What role will the Port Authority, operator of the Vesey Street slip and contractor with BillyBey, play in resolving this public health problem?
  • What role will the city play now that the city is in contract with BillyBey for the East River new ferry services?

After decades of being subjected to noise and air pollution from the BillyBey New York Waterway ferries, our community seems to the most support ever for resolving this problem. Please attend the meeting tonight.

(unedited filming of ferry boat pollution)

TV “News” hits a new low with the 60 Minutes Madoff family interview

October 30, 2011

By Steven Greer, MD

CBS’s “60 Minutes” has long been one of the most respected and trusted “TV News” sources. Now, even that bastion is crumbling as the old media world slowly becomes more obsolete and viewers switch off.

The interview with the Madoff family tonight has generated plenty of outrage. But the bigger story is how poorly CBS and 60 Minutes handled the opportunity.

CBS gave two con artists, Ruth and son Andrew, the biggest forum of its kind in the world to spew poorly told lies and distortions in an attempt for Andrew to regain some form of a normal life. Andrew is clearly peddling a book that his bizarre “fiancé” will profit from, as she serves as a money laundering mule and shield from the bankruptcy lawyers.

Morley Safer and the 60 Minutes producers made very little attempt to question the accuracy of any of the Madoff claims. Ruth claims that she was never the bookkeeper of the Ponzi scheme after 1960, for example. There are plenty of experts who could offer evidence refuting that. The son claims he knew nothing about the Ponzi scheme, a virtually impossible reality, and Morley Safer barely questioned him.

There were no experts, like Harry Markopolos or the bankruptcy lawyers, to offer a counterpoint and blow the Madoff lies out of the water. This would have been like shooting fish in a barrel for Markopolos.

60 Minutes clearly lowered their standards and cut some form of a deal to get the exclusive for interview with the Madoff’s. As rating in TV slip, the networks are lowering their standards.

Apple iCloud: a prelude to Apple 50-inch TV’s?

October 26, 2011

As we have speculated for months, Apple is acknowledging that the Apple TV is in the works

June 3, 2011

On June 6, Steve Jobs will announce the new cloud streaming service for Apple called iCloud. We believe that this will allow videos to be streamed to iPads and iPhones, competing with Netflix. Moreover, as we previously reported, we believe the next big thing for Apple will be their entry into the 50-inch home TV market.

Currently, companies such as Sony, that make both TV’s and computers, intentionally do not make TV’s with true PC’s built in. They are avoiding cannibalizing products. The best solution one currently has for watching true Internet in the “lean back” living room setting is to hook up a Google or Apple box, which is cumbersome and only for computer savvy people.

Once a large company, likely Apple, offers the content streaming and the hardware to view the videos/TV in the living room, the traditional cable companies will be placed in the pile of obsolete business model junk. Already, most young people have opted to not buy into the bundled cable model of TV/Internet/Phone that costs well more than $100 per month. When the generation that still values traditional TV has an alternative to cable or dish providers, millions will make the “final cut”, to use a Pink Floyd album name.

Exclusive: Did Goldman Sachs buy ferry boats on TARP money and return them?

One of the ferry boats purchased by Goldman Sachs to provide less noisy less polluting service to Battery Park City, by The NY Times

October 18, 2011

By Steven Greer, MD

BatteryPark.TV received call today from a reporter at a national newspaper asking whether we knew the fate of the two new Goldman Sachs ferry boats purchased to carry employees between the Vesey Street slip in Manhattan, owned by the Port Authority, and other slips in New Jersey. Recall, after the new Goldman Sachs headquarters opened on West Street and Vesey Street, BillyBey Ferry Company, owner of the New York Waterway ferry boats, began new routes crossing from Jersey City at earlier times in the morning, and the noise was a source of complaints. For decades, noise and pollution from the boats have angered BPC residents on the Hudson River.

The New York Times reported in March that two new boats had arrived from a shipyard in Washington State, and were rumored to cost $5 Million dollars. They were supposed to have gone into commission in April, but never did.

Goldman Sachs, in customary fashion, will not comment on the fate of the new boats. We called Paul Goodman, the CEO of BillyBey Ferry Company, operator of the New York Waterway branded boats and the yet-to-be commissioned Goldman Sachs boats. He said, “I have no comment one way or the other…I will see you at the November 1st Community Board meeting.”

Given the lack of clarity provided by Goldman Sachs and BillyBey Ferry, we are forced to speculate on rumor. One leading theory on the fate of the Goldman Sachs luxury ferry boats is that they were purchased with TARP funds or other federal stimulus money and have now been sold or returned in order to avoid a scandal. We will learn more at the next CB1 meeting.

The next CB1 is schedule to have speakers including the CEO of BillyBey Ferry and representatives from the EPA, Senator Gillibrand, and Rep. Nadler. For all of our previous coverage of this topic, click here.

SECURITY ALERT: Protestors in BPC now

October 6, 2011

The number of “OccupyWallStreet” protestors has grown exponentially over the last three days and it is causing them to bleed over into our once-sleepy neighborhood, which is a considerable distance from “Wall Street” and the original Zuccotti Park . Approximately ten protestors were found vandalizing (picking and eating) garden vegetable plants in the community garden on Albany and West Street.

Most of the protestors in the garden area were passive, but one man with a skateboard was refusing to leave and pushed his outreached arm near the face of a local BPC resident (name withheld for security) who asking them to leave. After 911 was called, the group ran away southward on the “Pataki Promenade” (see photo).

Nearby, Goldman Sachs security is at full alert. Numerous NYPD on foot and in squad cars surround the headquarters building as the protestors marched westward to the ferry boat slip and went to Jersey City to surround the smaller New Jersey tower of Goldman Sachs.

If you encounter any problems, you should call the PEPs at (212) 417-3114. If the PEP ignore you, please email us immediately info@batterypark.tv and take photos of the protestors. Obviously, if you feel threatened, the police should be called as well.

(Click image to enlarge)

Some of the Wall Street protestors running away from the community gardens after vandalizing the plants

A chat with Russell Simmons at OccupyWallStreet: by Steven Greer, MD

October 16, 2011

BatteryPark.TV had a chance to speak with Hip-Hop mogul Russell Simmons at the OccupyWallStreet protests today. He has been down there quite often. After a lengthy interview with Fox Business and Geraldo Rivera, he surprisingly was quite accessible as he walked around the crowd.

Russell Simmons with Fox Business and Geraldo Rivera

We asked, “(We) have not been able to hear your message as you were speaking (to Fox). Have you been trying to focus this group on more tangible goals?”

Mr. Simmons replied, “We have a focused message. It’s to get rid of Wall Street and lobbyists from Washington.” He went on to elaborate that point for approximately a minute. Unfortunately, we did not have our camera with us.

Overall, the crowd is more organized now than last week. The group “Anonymous” and others are clearly providing the agenda and support. For example, when the city announced that they group would be removed for cleaning, some organization provided push brushes for a photo-op of the protestors cleaning the area.

Also, more focused goals of the protests are appearing on professionally made signs, such as this one that says “End the Fed”.

The Zuccotti Park dos not feel like a chaotic unsafe area. Protestors are quite peaceful, when we were there at least. There was no evidence of marijuana smoke, drugs, or “open sex”.

So far, the protestors and the NYPD are doing a good job. The dangerous riots seen in Italy and the rest of Europe are not brewing in Zuccotti park, yet.

An effort calledConcreteIdeas trying to focus the OccupyWallStreet efforts

 

How the GOP’s addiction to Wall Street money will get Obama re-elected

October 11, 2011

By Steven Greer, MD

As we first predicted, The OccupyWallStreet protests have grown to a critical mass and are now a legitimate movement satirized on Saturday Night Live and seriously discussed in the media by elected officials. In fact, President Obama and the DNC seem to be effectively using the anti-Wall Street sentiment against the GOP who are caught flat footed trying to ignore the legitimacy of the protests and label them as irrelevant anarchists wanting.

The Republicans will lose this debate and allow the Wall Street issue to become a major scoring point for the Democrats in 2012 if the GOP does not quit its addiction to Wall Street money.

In the video below, top-advisor to the president, David Plouffe, regurgitates prepared talking points aiming to portray President Obama (POTUS) as a fierce Wall Street reformer. In fact, The POTUS is very vulnerable on this issue and the GOP could turn this around and make POTUS seem to be a man who has alienated his liberal base yet again in favor of special interest lobbyists. In reality, the Democrats are as corrupted by Wall Street influences as are the GOP.

However, The GOP cannot pounce on this opportunity because the Republican party is still run by the same imbeciles that led the GOP to defeat in the 2008 elections and created a total Democrat-run congress and White House. Wall Street bailouts under George Bush and the bad economy caused by Wall Street risky trading in mortgages led to McCain losing in 2008. The Wall Street issue will very likely allow President Obama to keep his job in 2012 despite high unemployment because the Republicans are hard-core junkies when it comes to Wall Street campaign donations and the promise of lucrative private sector jobs after public service.

If the GOP went to rehab and kicked the Wall Street addiction, and threw the bankers under the bus, they would be able to reply to the David Plouffe talking points in the following manner:

  • In the GMA video, Plouffe claims that POTUS is a Wall Street reformer: In fact, the Dodd Frank law has been allowed to be stalled and very little of the law has been enacted. POTUS could have been vocal and challenged the GOP in congress on this matter but he has not.
  • It has been Obama’s hand-chosen Secretary of the Treasury, Tim Giethner, who has been the biggest supporter of Wall Street banks, allowing them to remain “Too big to fail” and to not lend out billions of dollars they have sitting around.
  • The “Volcker Rule” that would limit Wall Street banks from making risky trades, such as the ones that led to the market collapses of 2008, has been watered down and is delayed until July 2012, at the earliest.
  • Plouffe mentioned that The Obama administration has championed consumer banking protection laws. In fact, POTUS did not support Elizabeth Warren, the champion of consumer finance protection laws.

The Republicans will not be able to use Jiu-Jitsu and turn the tables on the Democrats, using rage toward Wall Street against POTUS in 2012, because the party is still run by the old school led by Carl Rove and Reince Priebus. The Tea Party has been hijacked it seems. Look for more TV appearances by President Obama and his team, like the one in the video below, to effectively score points against the GOP, all because the Republicans are addicted to the revolving door to Wall Street.

Talking Points for Wall Street protestors

Update: October 6, 2011

It is becoming more apparent that the intentions of the protestors are not “noble” as we first wrote. The majority of the mob are run-of-the-mill anarchists who flock to any situation around the world allowing them to cause trouble and feel important or a brief amount of time.

If any impact to Wall Street practices will come of these protests, the few in the crowd who truly care about reducing financial corruption and improving democracy will have to take charge. The Beatles’ George Harrison said it best. When he was leaving his LSD-marijuana “mysticism” phase and visited the Haight-Ashbury protestors of the 60′s, he said “I got out of there fast…They were just smelly bums.”

October 1, 2011

The NY Times beat me to the punch and made their own list of talking points to help educate the kids who have encamped near Wall Street in protest of something. It is painfully clear that many of the protestors do not really understand how Wall Street caused the global depression. However, their intentions are noble, and with some leadership and basic guidance, they can possibly alter the debate ahead of the 2012 elections and get congress and The White House back to focusing on Wall Street reforms that are much overdue.

As a former Wall Street and hedge fund executive, I know better than most just how corrupt our financial systems are. Here are some basic talking points that I would suggest for all of the protestors to learn and use in slogans:

  • First of all, stay peaceful. Your message will be marginalized if you turn violent. Emulate Mohandas Gandhi methods.
  • Do not let the organized unions hijack your cause. They are as corrupt as Wall Street bankers and you will be marginalized, categorized, and dismissed
  • Understand how the Federal Reserve, led by Ben Bernanke, has infused more than a trillion dollars of “free money” to Wall Street in the form of “Quantitative Easing or “QE2″, etc, and in the form of almost zero interest rates to banks. QE2 did nothing but prop up the stock markets briefly, feeding Wall Street. It is well recognized now to have done nothing beneficial to the economy.
  • The “free money” at zero interest rate given out by Ben Bernanke and the Fed has made the U.S. Dollar weak compared to other currencies. This directly causes the price of gasoline, food, and other commodities to go up since those items are priced on the U.S. dollar. Therefore, in the Fed’s plan, it is more important to help big corporations export their products than to help the Average Joe have more buying power with their wallet.
  • Understand that the Treasury Secretary Tim Geithner, or whom I have coined as Timmy the TARP Man (A new Marvel Comics super hero perhaps?), was directly responsible for bailing out the Wall Street banks in 2008, before he was Treasury Secretary. Then, under the Obama administration when he became the Treasury Secretary with his name on our dollar bills, he and super genius Larry Summers (The guy fired from his job as President of Harvard for making sexists comments) has persuaded the President to back down on tougher Wall Street reforms and to continue to allow the largest banks to exist as “Too big to fail”.
  • Understand that some advisers to President Obama, like Paul Volcker (Federal Reserve Chairman under Reagan and critic of Wall Street) and Sheila Bair, Chairwoman of the bank regulator FDIC, tried to liquidate Citigroup, the largest bank and also one with so much toxic debt related to those infamous subprime mortgages instruments called “CDO’s”, but Timmy the TARP Man won the day and bailed out Citigroup with tax payer’s dollars.
  • Know that none of the fat cats on Wall Street, who acquired trillions in risky debt via the CDO’s and who directly caused the global financial meltdown, economic depression, and real unemployment around 20%, none of these men have been arrested, yet thousands of protestors on Wall Street have been bused to jail.
  • A “Most Wanted” list of Wall Street criminals should be memorized, starting with Stan O’Neill, former CEO of Merrill Lynch who ignored internal risk managers and loaded up with toxic debt CDO’s, and walked away with almost $100 Million in severance pay after he was fired. He drove Merrill Lynch into insolvency and the bank had to be saved by TARP and by being acquired by Bank of America. Other executives with similar stories who’s names should be mentioned on protest signs and to the media include Angelo Mozilo (former CEO of Countrywide who oversaw predatory subprime mortgages being given to millions who could never afford the homes), Dick Fuld (former CEO of now defunct Lehman Brothers), Jake DeSantis (former head of derivatives unit at AIG who took on ultra-risky credit default swaps insuring CDO’s. AIG gave out hundreds of millions in bonuses to employees in 2009 using federal bailout money in a deal approved by Timmy Geithner), Robert Rubin, and others.
  • Robert Rubin was the Co-Chairman of Goldman Sachs before being appointed as the Treasury Secretary by Bill Clinton. After his Treasury Secretary post, he went back to Wall Street and ran Citigroup as it accumulated countless levels of toxic CDO’s that caused Citigroup to become insolvent. He walked away, after being forced out, with a reported $126 Million severance package.
  • Understand that Wall Street banks became “Too big to fail” as a result of actions by the Clinton administration. In 2000, under the guidance of Larry Summers and Robert Rubin, Clinton signed the of the Financial Services Modernization Act of 1999 (also known as Gramm Leach Bliley) that repealed the 1933 Glass-Steagall Act and allowed wall Street banks to merge with regular consumer banks and insurance companies. Behemoths like Citigroup, JP Morgan Chase, and Bank of America were born.
  • Understand that the Wall Street banks make most of their money on the backs of the masses. The banks get money at no interest rate from Ban Bernanke’s Federal Reserve, and turn around and loan it to consumers through credit cards or other loans for more than 12% interest.
  • Understand that “derivatives” are unregulated financial instruments that have ballooned into such a global problem that famed investor Warren Buffet called them “Weapons of mass destruction“. Some estimate the value of derivatives at more than $700 trillion. Translation: there is no way the global economy could ever in a million years pay off these debts should they turn into bad deals like the CDO’s of 2008. Wall Street lobbyist money has effectively thwarted any attempt by congress to regulate derivatives.
  • After the Wall Street collapse in 2008 through 2009, the only legislation that was passed to attempt to reform the “moral hazard” of Wall Street taking risks knowing that the government will bail them out was the Dodd-Frank law (also known as Wall Street Reform and Consumer Protection Act). The lobbyists watered down the law and the law has not been enacted yet as details still need to be addressed. The vast majority of Dodd-Frank is being stalled in congress.
  • The most important provision of Dodd-Frank yet to be implemented is the Consumer Protection aspect via the Bureau of Consumer Financial Protection. This was championed by a Harvard professor named Elizabeth Warren. The Wall Street lobbyists were so effective that they made it impossible for President Obama to appoint her as the leader of the very agency she created. Elizabeth Warren is now running for Senate in the state of Massachusetts.

There are two tangible political goals the protestors should have. The “Occupy Wall Street” camps and others around the country might help Elizabeth Warren get elected to the Senate (not that Scott Brown is a bad person). Also, the fate of the Dodd-Frank law is another outcome that mass protests can influence going into the 2012 elections.

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The GOP is tone deaf and clueless

September 29, 2011

By Steven Greer, MD

The current Republican (GOP) strategy for the 2012 elections will lead to President Obama being re-elected despite high unemployment and low job approval. Compared to the numerous GOP presidential candidates, most Americans will view President Obama as the sanest smartest person to lead the country.

Every GOP presidential candidate placed in the lead position so far has quickly been exposed as a either a nut job or incompetent. Why has the GOP bungled so badly?

The answer is simple and obvious: our political system is corrupted to the core and big-money special interests control the process. By definition, the leaders of these special interests are out of touch with the majority. The GOP is tone deaf and clueless right now.

How should the GOP change strategy and better appeal to the masses who will vote in November of 2012?

The first and foremost concept that the GOP strategists need to realize is that the voters are pissed off and either unemployed or in deep debt. The 13-day-long Wall Street protests that have taken root in Liberty Park near Wall Street are the manifestation of unemployed young people needing a sense of purpose. These protests will spread across the country. Look for Vietnam-era-style protests next year. The Tea Party of older Caucasians will expand to include younger more radical constituents. The young kids gathered on Wall Street do not realize it, but they are the same as the Tea Party.

None of these disgruntled masses want to hear GOP presidential candidates or conservative pundits defend millionaires against the “Warren Buffet plan” tax hikes. President Obama will win that battle. He is pulling off a brilliant Brazilian Jiu-Jitsu move and the old schoolers in the GOP like Carl Rove and Reince Priebus are falling for it.

The Republicans, however, can tap into this populace rage and win 2012 in a landslide if they change tack. (But don’t hold your breath)

Michele Bachmann rocketed to the lead in the polls (briefly, before she continued to open her mouth on HPV, etc) by simply stating in a debate that the Wall Street bailouts were a bad thing. However, like a bunch of Vicodin and crack addicts, the GOP is addicted to Wall Street campaign donation money and is perversely supporting the very same institutions that caused the 5-year-long-no-end-in-sight global depression that has created real unemployment in excess of 20%. Supporting tax loopholes that allow Connecticut billionaires to pay only 15% federal tax will not resonate very well with voters.

The GOP should throw Wall Street under a bus and leverage the populace rage into a winning strategy, stealing it from the Democrats. Former federal attorney Chris Christie, or Rick Perry, or whomever is the GOP candidate, should promise to make a “10 Most Wanted” list of people to arrest who caused the global depression. On that list would be Merrill Lynch’s Stan O’Neill who ignored internal council and loaded up on toxic debt that ruined the company (now Bank of America) yet walked away with almost $100 Million in severance pay. Others on the list who would make for good visual “perp walks” would be Angelo Mozilo who oversaw Countrywide Financial and all of the fraudulent predatory mortgages, Dick Fuld of Lehman Brothers, heads of Fannie Mae and Freddie Mac, etc.

The GOP should continue to attack the actions of Ben Bernanke’s Federal Reserve (which are blessed by President Obama) of printing money in QE1 and QE2 as nothing more than welfare to Wall Street traders. The various actions of the Fed have not helped the economy and have only devalued the dollar reducing the purchasing power of Americans (low dollar means higher gas, food, commodity prices). Rick Perry scored points by saying that if Bernanke created a QE3 it would be “Almost treasonous”.

The GOP should abandon this defense of low tax rates on millionaires as “Class warfare” by the Democrats. That is an ineffective strategy. Instead, the GOP should state that the problem with the federal budget lies in an addiction to spending, and one does not give an addict an ounce of the drug they seek until they have been rehabbed. Taxes on millionaires will be raised, but only after $4 Trillion in spending cuts.

The GOP should take the golden opportunity created by The White House proposals to cut Medicare and propose their own cuts to entitlements. When Paul Ryan hinted at Medicare cuts earlier in the year, he was demonized. Obama has now created cover with his own Medicare cuts. Cutting entitlement spending is the only way to truly solve the root cause of the depression and to spur confidence in the American economy.

The GOP should support the Elizabeth Warren Consumer Financial Protection Bureau. It would resonate well on the campaign trail and eliminate her as a threat to Republican Senator Scott Brown if she were to head up that agency. Defending predatory credit and debit card practices by Too Big Too Fail banks will not be a winning strategy for the GOP.

If the GOP made these tactical changes now, not only would they win over the millions of outraged silent mobs in America, but the GOP would expand its base. The college kids, traditionally in the Democrats’ base, would be inclined to vote Republican given that they are unemployed an unhappy with the incumbents. The kids camped out on Wall Street (of all races) are not exactly chanting pro-Obama slogans. There are no pro-Obama signs at all. They are ripe for the taking if the GOP wised up.

If the GOP continues with its current strategies, and ignores the voters as they reject one presidential hopeful after another, then President Obama will be the first president to be re-elected with a job approval in the 40%-range and unemployment above 9%. The GOP ought to be very very concerned right now.

Barnes & Noble buries a book negative to Obama

September 24, 2011

By Steven Greer, MD

The current most-promoted book in America is “Confidence Men” by Pulitzer Prize winner Ron Suskind. It details the infighting of the Obama administration over the first two years and makes president Obama seem like an indecisive, inexperienced, and ineffective leader. Mr. Suskind has been on every major news and media channel. Therefore, it was quite surprising to not find “Confidence Men” prominently displayed on the “New Arrivals” counter seen as one walks into the Tribeca Barnes & Noble store. Nor is it on display in other areas of the store (see photos and video).

Not only is the book not displayed, but the managers seemingly went to great lengths to literally bury the book. The book is in the center pit of the book display, impossible to see, and serves as the pedestal for a book sign.

A person wearing a name tag “Steve”, responding to our request to speak with the manager, denied burying the book and seemed defensive when we asked him why the book was not on display. He said, “It’s right there guy”, and walked away.

In the past, numerous conservative authors have complained about similar such marketing ploys by liberal book store managers in urban areas like Manhattan. The problem is a moot one, however, given that Barnes & Noble will likely go bankrupt as the Borders book chain did.

(Disclaimer: BatteryPark.TV is a non-partisan venue that opposes corruption perpetrated by any person or group)

(Click images to enlarge)

Confidence Men buried under a book sign

Confidence Men not on display in New Arrivals section of Tribeca Barnes & Noble

 

The Wall Street layoffs of 2011′s double dip have begun

June 11, 2011

As an ominous indicator solidifying the speculation of late that the economy has entered into a double-dip depression, major Wall Street broker dealer banks have begun layoffs. Barclays, Credit Suisse, and the smaller Leerink Swan initiated a wave of layoffs last week. Morgan Stanley will likely lay off workers in the equities division this upcoming week.

These layoffs are a result of the prolonged contraction in equity trading volumes, and thus commission revenue, as investors continue to allocate assets to safer fixed-income and commodity investments. Although the layoffs are not directly related to a poor overall economy, as most leading-indicator hiring changes at Wall Street banks have been in the past, they are nevertheless a bad development for the economies of the States of New York, New Jersey, and Connecticut.

Our field checks indicate that hedge funds have not yet begun any layoffs. That might change if the market corrections caused by end of QE2 persist.

Update: June 17, 2011

Manhattan apartment sales and commercial real estate will be smacked with a shock likely to send those markets into a double dip depression. Wall Street banks will be laying off thousands of people, as profits shrink, according to the New York Times.  BatteryPark.Tv first warned of this on June 11.

Update: June 30, 2011

Update: August 4, 2011

The markets are tanking and HSBC announced 30,000 layoffs. Credit Suisse is laying off as well. The rest will also make major layoffs, we predict.

Update: August 10

Bank of New York Mellon announced a 3% cut in staff, or 1,500 people. 

Update: August 19, 2011

The Wall Street Journal is reporting that Bank of America will fire at least 10,000 people this year, starting with a 3,500 person tranche

August 23, 2011

UBS is now laying off 3,500 workers, or 5.3% of its workforce, according to Bloomberg

September 9, 2011

The WSJ is reporting that Bank of America might lay off 40,000 more people as it restructures.

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