60 Minutes

Busy here, so going to be light on the commentary and the insanely genius insight you've come to expect from this space. Anyhow, 'cause none of you watch 60 minutes and this has some interesting clips: Lewis says stuff like, capitalism is dead, but it'll be alive again once the banks pay the government bank, and the era of high compensation for Wall St is OVER...

Lynch America Countrywide

Andy Kessler has a new name for the merged unit of Merrill Lynch, Bank of America, and Countrywide: Lynch America Countrywide. I think it's so awesome, I made a logo for them...


...well, ok, don't lynch all of America. Folks like Vita Ciullo are a model of good America. If you haven't seen this piece, read it and weep. Vita is the sweetest woman on the planet!

(PS--Note how all the Times writers are trying to get on the economy beat. After yesterday's Mike Albo piece, this is Michael Winerip writing in the "Parenting" column!)

Standard and Poors Drops Rating on Stuy Town Bonds

Standard and Poors decides to finally show up for work and look what happens...

"On Friday, Standard & Poor’s dropped its rating on the bonds used in Tishman’s $5.4 billion purchase of the Stuyvesant Town and Peter Cooper Village apartment complexes in 2006, the biggest real estate deal in modern history. Standard & Poor’s said it cut the rating, in part, because of an estimated 10 percent decline in the properties’ value and the rapid depletion of reserve funds."

(Keep in mind that Tishman's partner in the Stuy Town deal is BlackRock, which Merrill Lynch bought several years ago, and which itself was sold to Bank of America last week.)


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