Overnight Open Thread

drcordell2/18/2010 9:10:07 am PST

re: #692 Obdicut

Yeah, I posted that last night. Looks like the states are even worse then the feds when it comes to fiscal responsibility.

Too many accounting tricks, too many politicians buying votes with projects they couldn’t really fund. Too many plundered pension funds.

And too many absolutely shitty investments. I live in the Peter Cooper Village / Stuy Town apartment complex in NYC. The one that is the largest real estate transaction in history that just completely imploded. $5.4 billion dollars worth of value now estimated to be worth only $2 billion. Guess who was a nice big equity investor in that project… California pensions.