Notorious Landlords

Posted on October 10, 2008 by Sharon Kramer

Three more apartment complexes in Houston make the list.

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“Unconscionable”-3 yrs-4 storms-no katrina cottages

Posted on October 9, 2008 by Sharon Kramer

Wednesday, October 01, 2008

“Unconscionable”
Flashback! On 11/05/07 a Times Picayune editorial stated:

11 months after the state landed $75 million, not a single [Katrina] cottage has gone up — and that’s a disgrace.

In a strongly-worded letter to the Louisiana Housing Finance Agency delivered in November 2007, Governor Kathleen “Queen Bee” Blanco agreed, saying:

The LHFA is strangling this project in red tape…. [its] inability to deliver the first cottage is unconscionable.
…
You will begin construction on the first set of cottages before the end of November. There will be no ceremonial groundbreaking. You will commence construction posthaste…

Then I wrote:

[N]ow all these embarrassing delays [comfort] all the Bushies and all the Louisiana haters who think we are too stupid and corrupt to self-govern. “It’s no use, they’ll just waste it… look at Mississippi…etc”.
…
I am hopeful that Governor Jindal will be a huge improvement over Blanco in terms of cutting red tape and dealing with sluggish state bureacracies.

Item! From the front page of today’s Times Picayune (now only $.75 a copy):

Public officials say they have made progress on an alternative housing program in the seven months since Gov. Bobby Jindal stripped the project from the Louisiana Housing Finance Agency and gave it to the Louisiana Recovery Authority.

But through two governors, two contracts with the same builder and a change in the state agency responsible for oversight, none of the projected 500 or so Louisiana Cottages have been built; and there are no groundbreakings scheduled for Louisiana’s $75 million share of the $400 million pilot program that Congress authorized in 2006.

Mississippi has 2,810 cottages in place. Louisiana, zero. Governor Blanco ordered the LHFA to begin construction eleven months ago, and they didn’t get it done. Then Governor Jindal gave the project to the LRA, and they haven’t gotten it done. If the delays were “unconscionable” eleven months ago… what are they now? Criminal?

Also, as mominem noted in the comments last year, Treasurer John N. Kennedy suggested that the Road Home program should be administered through the hapless Louisiana Housing Finance Agency.

Posted on – http://righthandthief.blogspot.com/2008/10/unconscionable.html

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Strategery Capital Management LLC-Job Applications

Posted on October 9, 2008 by Sharon Kramer

Dear Recruiter,

I am very impressed by your company’s goals, the capital structure and specially your management team. I would like to work for your company. I think I will be a perfect fit for this position because:

I have never paid back any of the money I borrowed from my friends
The last three companies I worked for filed for bankruptcy and its CEO’s are still vacationing in Bahamas
My financial experience includes always defaulting on my credit card payments, never paying any utility bill on time
This is not my email ID
I think I will be a perfect fit for the position and I will take my salary in Gas for my Hummer, Unlimited supply of beer, large house where only I will live, three months vacation in Bahamas to hang out with my former CEO’s and rest of the money in cash so that I never have to pay taxes!

Please leave a message at the local pub.

Fanny Mae
Former CEO

Robert Willet: “My Resume”

Dear Sirs,

I am not very good at math or accounting. I am out of work and out of
money. I do have a strong desire to be patriotic and a fundamental
lack of ethics. If this is the type of person you are looking I would
appreciate an interview.

Forever ignorant,
Bob Willet

Reply:

Thank you Robert. Your background seems like a perfect fit.

Read more – http://www.strategerycapital.com/forum/topic.php?id=6

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StrategeryCapital Management-People’s Hedge Fund

Posted on October 9, 2008 by Sharon Kramer

StrategeryCapital Management LLC | The people’s hedge fund

About Strategery

Strategery is a unique hedge fund.

It is the largest in the world, with expected initial capital of $700 billion. It has a free and unlimited credit line should it need more. It has no fixed mandate, though it is expected to initially focus on mortgage-backed securities. And it is the only fund backed by the full faith and credit of the U.S. Government.

Strategery is a way for you to be more patriotic. Supporting this fund is an American duty. Criticizing this fund or any of its associated legislation or regulations may be subject to civil and criminal penalties.

http://strategerycapital.com/home

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Riverstone Residential Group’s Strategic Reorganization

Posted on October 9, 2008 by Sharon Kramer

Riverstone Residential Group’s Strategic Reorganization Underscores Client Service

Article –

http://www.marketwatch.com/news/story/riverstone-residential-groups-strategic-reorganization/story.aspx?guid=%7B595641CF-95A0-4A11-88E5-1A5980A097C5%7D&dist=hppr

Isn’t the term “reorganization” sometimes used in place of filing chapter…..?

Excerpts from the article –

“Located in metropolitan markets across the nation, properties include high-rise, mid-rise and garden-style communities.”

They forgot to mention their properties also include slumlord, poorly managed, section 8 “communities” (see notorious landlords for list in progress – which reminds me I need to work on that). And, they forgot to mention their toxic properties – which includes Jefferson Lakes Apartments in Baton Rouge, LA.

“Focused exclusively on the delivery of exceptional third-party management services, the company manages a portfolio of assets valued at more than $25 billion for leading institutions, pension funds, developers and other major owners.”

“The company’s portfolio of managed communities also increased significantly, the result of strong client-focused practices and the strategic acquisition of regional management companies.”

Exceptional – Yes, the management services are “exceptional” in that the focus is not on the residents who are paying for services but on “clients making as much profit as possible”. Exceptional does not even describe some of the management tactics Riverstone Residential is becoming increasingly known for. Some of these could be described as bold, aggressive, old school, threatening, pushing the enevelope, and breaking laws.

“We are known for our strong partnering approach,” said Terry Danner. “The new client services group underscores our commitment to optimize our strategies and services on their behalf.”

Part of their strong partnering approach might include – partnering with the judicial system to optimize a best possible outcome for themselves and their clients. For example, when they are defendants in a lawsuit – and remember – “Everyday is a lawsuit waiting to happen” a statement by Terry Danner in another story – they have been known to go out on a limb and “influence using various strategies” it into disappearing.

It is obvious who their commitment is to – so this little bit of “news” must be a sad cry for some good press. katy

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