Suozzi mocks Cedarhurst and Lawrence!

[Isiah Thomas]

Where's Toback? Toback has been soooooooooo quiet?

Courtesy of the New York Times www.nytimes.com
February 7, 2008
Letter
On the Island, Facing the Challenge of New Suburbia
To the Editor:

Re “The City Is the Future of the Suburbs, and Other Heresies,” by Lawrence Downes (Editorial Observer, Jan. 29):

The single-family home — Long Island’s defining trait — is not “defunct.” It simply needs to be complemented by exciting downtowns that go vertical, take advantage of mass transit and provide affordable housing options for young singles who won’t get married until thr early 30s and empty-nesters looking to scale down.

The challenge of “New Suburbia” — my term, not Mr. Downes’s — is to maintain everything we love about our hometowns but address the very real problems of crushing property taxes, a lack of affordable housing and pockets of poverty that have been ignored for a generation.

In Nassau County, we love our single-family nghborhoods with a park down the street and a quality of life that is unparalleled — our status as the safest community of our size in the nation, our great schools, low unemployment, best health care, beautiful open spaces, coastal waterways and easy access to the world’s capital, New York City. But we can no longer afford the second-highest property taxes in the nation.

For too long we have been playing defense — hanging on to the memories of the good old days, wishing and hoping that we don’t lose them. As the 2008 Long Island Index showed, we are now playing offense, planning for a better, improved tomorrow that keeps the best of suburbia and addresses the realities we face today.

Thomas R. Suozzi
Nassau County Executive
Mineola, N.Y., Jan. 30, 2008

[What Is Your Point]

This post doesn't say anything about Lawrence or Cedarhurst, this is "smart growth" talk. why would Toback oppose that?

[Isiah Thomas]

This post doesn't say anything about Lawrence or Cedarhurst, this is "smart growth" talk. why would Toback oppose that?

No...it's just more political crap bng spewed without anyone holding Suozzi's feet to the fire. Am I the only one who thinks he can write and speak without anyone holding him accountable?

He is screwing Cedarhurst and Lawrence by discussing "smart growth" without having to offer any substantiative details on how it will be achieved. Suozzi is clearly trying to run out the clock on his last twenty two months in office before people begin to realize that he:
-did not solve Nassau County's Fiscal Problems.
-exhausted the once robust Surplus Reserves of $280 million
-failed to reform the Nassau County Tax Assessment process
-left a smaller government but at the same price tag with a slew of future tax hikes in the offing.

What Suozzi is really hoping for is a schmuck from the Democrats to come along and have the whole thing implode like with Maryanne Holzkamp in Glen Cove. Residents in Glen Cove know damn well that Tom Suozzi initiated alot of the actions that are proving too costly to the City of Glen Cove now. Maybe a Howard Wtzman? All so he can chase higher elected office.

Suozzi is a political fraud with limited accomplishments in Nassau County. Tom Gulotta never ran for Governor and stayed too long in Mineola - Suozzi's problem has been he is too eager for higher office and has used Nassau County Government to achieve that goal.

[Bruce - Cedarhurst]

No...it's just more political crap bng spewed without anyone holding Suozzi's feet to the fire. Am I the only one who thinks he can write and speak without anyone holding him accountable?

He is screwing Cedarhurst and Lawrence by discussing "smart growth" without having to offer any substantiative details on how it will be achieved. Suozzi is clearly trying to run out the clock on his last twenty two months in office before people begin to realize that he:
-did not solve Nassau County's Fiscal Problems.
-exhausted the once robust Surplus Reserves of $280 million
-failed to reform the Nassau County Tax Assessment process
-left a smaller government but at the same price tag with a slew of future tax hikes in the offing.

What Suozzi is really hoping for is a schmuck from the Democrats to come along and have the whole thing implode like with Maryanne Holzkamp in Glen Cove. Residents in Glen Cove know damn well that Tom Suozzi initiated alot of the actions that are proving too costly to the City of Glen Cove now. Maybe a Howard Wtzman? All so he can chase higher elected office.

Suozzi is a political fraud with limited accomplishments in Nassau County. Tom Gulotta never ran for Governor and stayed too long in Mineola - Suozzi's problem has been he is too eager for higher office and has used Nassau County Government to achieve that goal.

I think this person is correct. Suozzi doesn't give a damn about the environment. This deal was done for money just as Harvey Levinson is backtracking on $8 million in Industrial Development deals. The message permeating Nassau County Government is too find money at any expense so as to conceal the real deficit in Nassau County Government. One estimate places the deficit at $190 million. NIFA will not publicly admit it, but there are some within NIFA who have grumbled about it. They know Suozzi is a charlatan.

[chumi grumi]

suozzi cant even spell the word cedarhurst.

[isiah thomas]

spell it or pronounce it? CEDARWURST

[Day of Reckoning]

I think this person is correct. Suozzi doesn't give a damn about the environment. This deal was done for money just as Harvey Levinson is backtracking on $8 million in Industrial Development deals. The message permeating Nassau County Government is too find money at any expense so as to conceal the real deficit in Nassau County Government. One estimate places the deficit at $190 million. NIFA will not publicly admit it, but there are some within NIFA who have grumbled about it. They know Suozzi is a charlatan.

Sound the General Alarm men! The financial Iceberg is ahead and within sight of the USS Nassau.
The lifeboats have been lowered and the DCE's have left- Williams, Gerbasi, Driscoll and Donnelly.

[Chef of Nassau County]

No...it's just more political crap bng spewed without anyone holding Suozzi's feet to the fire. Am I the only one who thinks he can write and speak without anyone holding him accountable?

He is screwing Cedarhurst and Lawrence by discussing "smart growth" without having to offer any substantiative details on how it will be achieved. Suozzi is clearly trying to run out the clock on his last twenty two months in office before people begin to realize that he:
-did not solve Nassau County's Fiscal Problems.
-exhausted the once robust Surplus Reserves of $280 million
-failed to reform the Nassau County Tax Assessment process
-left a smaller government but at the same price tag with a slew of future tax hikes in the offing.

What Suozzi is really hoping for is a schmuck from the Democrats to come along and have the whole thing implode like with Maryanne Holzkamp in Glen Cove. Residents in Glen Cove know damn well that Tom Suozzi initiated alot of the actions that are proving too costly to the City of Glen Cove now. Maybe a Howard Wtzman? All so he can chase higher elected office.

Suozzi is a political fraud with limited accomplishments in Nassau County. Tom Gulotta never ran for Governor and stayed too long in Mineola - Suozzi's problem has been he is too eager for higher office and has used Nassau County Government to achieve that goal.

I agee with most of what you said but, he won't leave with a smaller goverment unless he lay's people off. He just reduced the civil service work force!!! And hired more people to the payroll than when he became the exec. It is at a all time high!!!!

[Art the 4 Mill Dollar Man]

Sound the General Alarm men! The financial Iceberg is ahead and within sight of the USS Nassau.
The lifeboats have been lowered and the DCE's have left- Williams, Gerbasi, Driscoll and Donnelly.

NHCC losing 4 MILLION A MONTH under Artie "I never ran a hospital before but I stayed at a Holiday Inn last night" Gianelli .... all debts to be paid by the Nassau County taxpayers while Artie and his cronies boost thr pensions ...

[Hill Dog]

Sound the General Alarm men! The financial Iceberg is ahead and within sight of the USS Nassau.
The lifeboats have been lowered and the DCE's have left- Williams, Gerbasi, Driscoll and Donnelly.

There is blood in the water and the Democrats are very concerned from Governor Spitzer to State Comptroller DiNapoli. Why? They are hearing it from the political back channel that it is the main reason why Richard Kessel left NIFA. Kessel does not want to impugn his already awful record at LIPA. Kessel is a lot of things but he isn't stupid.

Spitzer is alarmed because the potential political embarrassment that could come from the public disclosure of the new Tax Cap Commission Chairman, Tom Suozzi has a major financial problem in his very backyard will only re-inforce the belief that Spitzer is ill suited to be Governor.

DiNapoli is extremely concerned that with the massive fundraising coming out of Long Island, he will be put in a no win situation. If he and his office begins to investigate the multiple conflict of Interests that were overlooked by fellow democrats he risks bng embarrassed by members of his own political party. Should he take the appropriate actions, he will risk bng isolated by his political party.

Last, Howard Wtzman will also suffer. Wtzman and Levinson are jockeying to be the next County Executive. Both men suffer from enlarged egos and possible enlarged prostates given thr ages, but they do not have the track record or the moxy to fill these shoes. Wtzman thinks the public will satisfied with his investgation of Sanitation districts.

The public will have to hold it's nose and overlook how Wtzman has casually overlooked the multiple Public Benefit Corporations bng run by Suozzi confidantes. There are no minutes from meetings, no audits, no accountability.

The Nassau Democrats must be voted out!

[Dumas]

LOL! I liked that one. Thank God that the only time I need something enlarged, all I have to do is take some Viagra.

[Isiah Thomas]

There is blood in the water and the Democrats are very concerned from Governor Spitzer to State Comptroller DiNapoli. Why? They are hearing it from the political back channel that it is the main reason why Richard Kessel left NIFA. Kessel does not want to impugn his already awful record at LIPA. Kessel is a lot of things but he isn't stupid.

Spitzer is alarmed because the potential political embarrassment that could come from the public disclosure of the new Tax Cap Commission Chairman, Tom Suozzi has a major financial problem in his very backyard will only re-inforce the belief that Spitzer is ill suited to be Governor.

DiNapoli is extremely concerned that with the massive fundraising coming out of Long Island, he will be put in a no win situation. If he and his office begins to investigate the multiple conflict of Interests that were overlooked by fellow democrats he risks bng embarrassed by members of his own political party. Should he take the appropriate actions, he will risk bng isolated by his political party.

Last, Howard Wtzman will also suffer. Wtzman and Levinson are jockeying to be the next County Executive. Both men suffer from enlarged egos and possible enlarged prostates given thr ages, but they do not have the track record or the moxy to fill these shoes. Wtzman thinks the public will satisfied with his investgation of Sanitation districts.

The public will have to hold it's nose and overlook how Wtzman has casually overlooked the multiple Public Benefit Corporations bng run by Suozzi confidantes. There are no minutes from meetings, no audits, no accountability.

The Nassau Democrats must be voted out!

The whispers around Mineola right through to NIFA is that the County could be in deficit of $190 million. With only $40 million allegedly left in the pischka, that means we may have a $150 million bonafide deficit! Suozzi will be forced to raise Property taxes by 25% to pay for his ambitious overspending.

25%, but he can't - why? Think of how hypocritical he will look when after chairing the Governor's School Tax Commission, he has to inform the public that he had to raise taxes by 25%.

I would laugh if it wasn't so possible. NIFA is giving him all the rope to hang himself. Spitzer and DiNapoli are standing back hoping this debacle doesn't hurt them too much. That is why there is such a push to raise money...before all the crap hits the fan and thr fundraising possibilities die on the vine.

The Nassau Democrats are on the ropes...

[Wally / Cedarhurst]

It is absolutely ridiculous that Toback was quiet during the County takeover of Sewer deliberations. Everyone of my nghbors have been discussing getting more involved as this exemplifies how elected officials such as Toback make inside deals at our expense. I agree that the Environment play was a bunch of crap but did our Legislator Toback even think about questioning this lousy deal? No. I voted for Toback in 2005 and 2007, but will not make that mistake in 2009.

[Mineola Observer]

The genesis of this problem can be traced back to Suozzi's ill fated decision to seek the Democratic Primary for Governor of New York State. Suozzi made the decision to challenge Spitzer and anyone else who might stand in his way in 2004.

In 2004 with the help of current Nassau County Legislator David Mejias, who at the time was the head of the Nassau Industrial Development Agency, gave almost $200 million to six different people who also happened to have made significant contributions to the Nassau Democratic Party. Gosh, ever wonder how Suozzi was able to amass such a large political war chest?

While Suozzi was desperately seeking to upset Spitzer, he took his eye off the Nassau County till. ght months singularly dedicated to defeating the front-runner Spitzer gave the Nassau County citizens just a window into the man they had just voted for another four years as Nassau County Executive.

Once Suozzi was easily defeated, Suozzi then paid hundreds of Nassau County Employees over $1 million from the County Treasury stating "they were performance" bonuses. Citizens of Nassau County grew angry.

Now the citizens are beginning to learn that the City of Glen Cove was really never fixed financially by Suozzi, but rather had thr debts pushed into the future where they would be recognized by public servants who would follow Suozzi as Mayor of Glen Cove.

Hey, Suozzi can fix it. Suozzi orders the ten Democrats in the Nassau Legislature to pass this BS Sewer Consolidation Plan to provide Glen Cove with a $100 million bailout.

The Democrats in the Nassau Legislature go along led by Chief idiot / Presiding Officer Diane Yatauro.

Hellooooo Nassau Democrats in the Legislature...you just voted yourself off the political island known as the Nassau County Legislature. Still feel like attending Howard Wtzman's dinner in April at Leonards. Just like the Sopranos maybe there will be a couple of arrests after dinner? I hope there is no crying like Johnny Sach...No crying Tom Suozzi!

[Phi Slamma OBAMA]

Weellll whadya know....a good day getting better for Tom Suozzi.

Senator Suozzi hadn't really planned for having to face his own financial mess. The script called for U.S. Senator Hillary Clinton, whom Suozzi went to work for in Iowa after recving his $67,000 payraise in January 2008 to become Democratic nominee for President and then win the General Election.

As U.S. Senator Obama completes one of the finest political upsets in modern time, the sound you are hearing will be the twin crying of both the Clintons and the Suozzis. Time to face the music?

[Ginny Sach]

The genesis of this problem can be traced back to Suozzi's ill fated decision to seek the Democratic Primary for Governor of New York State. Suozzi made the decision to challenge Spitzer and anyone else who might stand in his way in 2004.

In 2004 with the help of current Nassau County Legislator David Mejias, who at the time was the head of the Nassau Industrial Development Agency, gave almost $200 million to six different people who also happened to have made significant contributions to the Nassau Democratic Party. Gosh, ever wonder how Suozzi was able to amass such a large political war chest?

While Suozzi was desperately seeking to upset Spitzer, he took his eye off the Nassau County till. ght months singularly dedicated to defeating the front-runner Spitzer gave the Nassau County citizens just a window into the man they had just voted for another four years as Nassau County Executive.

Once Suozzi was easily defeated, Suozzi then paid hundreds of Nassau County Employees over $1 million from the County Treasury stating "they were performance" bonuses. Citizens of Nassau County grew angry.

Now the citizens are beginning to learn that the City of Glen Cove was really never fixed financially by Suozzi, but rather had thr debts pushed into the future where they would be recognized by public servants who would follow Suozzi as Mayor of Glen Cove.

Hey, Suozzi can fix it. Suozzi orders the ten Democrats in the Nassau Legislature to pass this BS Sewer Consolidation Plan to provide Glen Cove with a $100 million bailout.

The Democrats in the Nassau Legislature go along led by Chief idiot / Presiding Officer Diane Yatauro.

Hellooooo Nassau Democrats in the Legislature...you just voted yourself off the political island known as the Nassau County Legislature. Still feel like attending Howard Wtzman's dinner in April at Leonards. Just like the Sopranos maybe there will be a couple of arrests after dinner? I hope there is no crying like Johnny Sach...No crying Tom Suozzi!

Why would there be arrests?

[Mineola Observer]

Arrests? Sure...

Where was the legal due diligence let alone the financial due diligence of the Sewer takeover of Cedarhurst, Lawrence and Glen Cove?

NIFA Bonds could very well bring an action from the bondholder challenging the legality of Nassau County Government which is broke, providing over $100 million to Suozzi and Yatauro's home town at the expense of the Nassau County taxpayers. This is an abuse of government. Now we know why Yatauro turned off the Republican microphones in the Legislature who were prepared to voice thr appropriate opposition.

The Office of the New York State Comptroller, the FBI 's division on Public Integrity and the SEC should all be examining this ludicrous and possibly corrupt action.

[Tale of Two Counties]

The genesis of this problem can be traced back to Suozzi's ill fated decision to seek the Democratic Primary for Governor of New York State. Suozzi made the decision to challenge Spitzer and anyone else who might stand in his way in 2004.

In 2004 with the help of current Nassau County Legislator David Mejias, who at the time was the head of the Nassau Industrial Development Agency, gave almost $200 million to six different people who also happened to have made significant contributions to the Nassau Democratic Party. Gosh, ever wonder how Suozzi was able to amass such a large political war chest?

While Suozzi was desperately seeking to upset Spitzer, he took his eye off the Nassau County till. ght months singularly dedicated to defeating the front-runner Spitzer gave the Nassau County citizens just a window into the man they had just voted for another four years as Nassau County Executive.

Once Suozzi was easily defeated, Suozzi then paid hundreds of Nassau County Employees over $1 million from the County Treasury stating "they were performance" bonuses. Citizens of Nassau County grew angry.

Now the citizens are beginning to learn that the City of Glen Cove was really never fixed financially by Suozzi, but rather had thr debts pushed into the future where they would be recognized by public servants who would follow Suozzi as Mayor of Glen Cove.

Hey, Suozzi can fix it. Suozzi orders the ten Democrats in the Nassau Legislature to pass this BS Sewer Consolidation Plan to provide Glen Cove with a $100 million bailout.

The Democrats in the Nassau Legislature go along led by Chief idiot / Presiding Officer Diane Yatauro.

Hellooooo Nassau Democrats in the Legislature...you just voted yourself off the political island known as the Nassau County Legislature. Still feel like attending Howard Wtzman's dinner in April at Leonards. Just like the Sopranos maybe there will be a couple of arrests after dinner? I hope there is no crying like Johnny Sach...No crying Tom Suozzi!

Read below and see if you reach the same conclusion that many people are reaching - Tom Suozzi is concealing a large deficit in 2008 with only $40 million in reserve while Levy is looking carefully at a possible 2009 deficit of $200 million but with $130 million in reserves.

Am I the only one who is doing the comparison? Comparing Steve Levy with Tom Suozzi is like comparing Chicken Salad with Chicken Sh*t!.

Newsday.com
Suffolk's Levy considers long-opposed tax increase
BY RD J. EPSTN

rd.epstn@newsday.com

February 14, 2008

Suffolk County Executive Steve Levy, who has painted himself as an anti-tax crusader, has for the first time opened the door to a general fund property tax increase as he seeks to close a 2009 budget gap he estimates at $150 million.

Levy is not dismissing the possibility of accessing Suffolk's tax stabilization reserve fund, a $130 million pot the county can tap only if it increases the general fund property tax by 2.5 percent.

"Is that a possibility? Yes. But it should be a last resort," Levy said. "It's also a question of degree. You can tap it, but there's a big difference between tapping $15 million and $50 million."

After he announced the looming 2009 budget gap during his State of the County speech last week, Levy convened a bipartisan working group of legislators and county budget officials to address the problem.

Tapping the fund, which would raise the general fund property tax levy by a total of about $1.25 million, would mark a turnaround for Levy and the many Suffolk legislators who regularly pronounce thr opposition to any increase in taxes.

Gail Vizzini, director of the legislature's budget review office, said officials will have to judge whether to tap the fund to stem possible personnel cuts in county offices.

"All these things have to be wghed," she said.

Minority Leader Dan Losquadro (R-Shoreham), a member of Levy's working group, called tapping the fund "the option of last resort" because of the tax-hike requirement.

"Nobody wants to raise taxes, especially in the economy we have," he said.

Legis. Lou D'Amaro (D-North Babylon), who is also in the working group, said members discussed the tax stabilization reserve fund but not whether there is political will to tap it.

Levy described tapping the reserve fund as a "one-shot" that won't fix what he calls systemic problems with the county's finances. He said the county must restructure and cut costs wherever possible. Still, he does not rule out tapping the fund.

"Is it possible you could take a little from it? Yeah, maybe," he said. "I want to make sure that legislators don't get it in thr head that they can just tap this fund."

Paul Sabatino, who was legislative counsel and Levy's chief deputy before leaving county government in November, said the county has few other options than to tap the fund.

"There's no other way you can deal with this," said Sabatino, who estimated the county could tap as much as $50 million from the fund without affecting its bond rating.

Levy said this week that he would seek to tap the fund only if there are no other options.

"If the collapse of the economy and the mortgage markets is not a rainy day," Sabatino said, "I don't know what is."

Copyright © 2008, Newsday Inc.

[Hill Dog]

HYPOCRISY? YOU BETCHA!

SUOZZI CAN GIVE $100 MILLION TO HIS BELOVED HOME TOWN OF GLEN COVE BUT OHHH THE PEOPLE IN HEMPSTEAD...YOU GOTTA PAYBACK $600,000?

WHAT CRAP?

WTZMAN HOLDS UP $600,000 BUT DID NOTHING WHEN SUOZZI AND YATAURO RIPPED OFF THE NASSAU COUNTY TREASURY WITH A $100 MILLION TO THE CITY OF GLEN COVE?

HOWARD WTZMAN SUCKS!

Newsday.com
Nassau, community development agency in fund fight
BY SID CASSESE.sid.cassese@newsday.com

February 15, 2008

Nassau auditors are examining a project in Hempstead Village that has prompted the county to cut off funds to the village's community development agency, which supports local groups providing child care and services to Hispanics.

Comptroller Howard Wtzman confirmed yesterday that, following a request last January for an investigation by Hempstead Mayor Wayne Hall, he is conducting a financial audit of the 100 Black Men Development Group's project at 100 Main St.

Wtzman said he expected to complete the inquiry within several months. "Because of the condition of the records it has been a very difficult audit," Wtzman said when asked about the length of time the inquiry has taken.

In 2001, a $10-million federal loan to the group was guaranteed by the village community development agency, using a portion of future federal grants as collateral. The loan agreement provided the comptroller with financial oversight of the project, a block-long structure housing offices and retailers.

The 100 Black Men have defaulted on the loan, the building is in foreclosure and the community development agency is resisting making a scheduled loan payment of $588,000.

Nassau officials, saying the county would be on the hook if the loan were not paid, is withholding the village's current share of federal community development block grant funds - $1.2 million - until the CDA makes the loan payment or they reach an agreement.

Claude Gooding, the village's commissioner of community development, asked the county legislature this week to help in getting the block grant money released so the agency could continue its projects that fund local community organizations such as the Little League, the Hispanic Counseling Center and the Girl Scouts.

Gooding said the CDA should not be held completely responsible for the "bad deal" made by past village and county governments.

Gooding also told lawmakers that former Republican Mayor James Garner, Lance Clarke, a former trustee and now village justice and president of the Nassau County Bar Association, and former deputy county executive Curtis Fisher - all of whom worked on the 2001 loan - had engaged in conflicts of interest because they were all members of the 100 Black Men at the time.

Gooding said that Garner later benefitted improperly by lobbying for the group on behalf of the project, and that Clarke improperly performed paid legal work for 100 Black Men on behalf of the project. Gooding said both had signed affirmations to the U.S. Department of Housing and Urban Development, which made the loan, that they had not benefitted from the deal, and would not in the future.

But regional HUD spokesman Adam Glantz said Clarke had no significant role in the loan and that HUD found no fiduciary conflict of interest for the others. "Our understanding is they resigned from 100 Black Men before the loan," Glantz said.

Glantz said he was unaware of the allegations about subsequent lobbying and legal work.

Garner denied any conflict of interest and said he did nothing wrong. Clarke said that because he was the group's counsel, he did not vote on the project. "Everything was proper," he said.

Fisher did not return several calls.

Copyright © 2008, Newsday Inc.

[Stan ONeal]

NO ONE HAS THE BALLS OR THE GUTS TO STAND UP TO THE POWERFUL THOMAS SUOZZI IN NASSAU COUNTY!

NASSAU COUNTY RESIDENTS CAN BE SURE OF BUT ONE THING - NASSAU HAS A SIGNIFICANT BUDGET DEFICIT THAT IS GROWING DAY BY DAY.

SUOZZI JUST GAVE $100 MILLION OF NASSAU COUNTY TAXPAYER MONEY TO HIS BELOVED GLEN COVE AND NO ONE STOOD UP TO HIM AND SAID "STOP"?

NOW, SUOZZI WANTS WTZMAN TO HALT $600,000 TO THE VILLAGE OF HEMPSTEAD TO LOOK LIKE THEY ACTUALLY WATCH THE OVER THE TILL?

THIS IS AN EXAMPLE OF MORAL HAZARD - DO IT FOR YOUR HOME TOWN'S BENEFIT BUT EVERYONE ELSE CAN GO SCREW!

Merrill Lynch's Stan O'Neal: Why Is He Even Still Employed?

On the evening of Friday, October 26th 2007, numerous news organizations are reporting that Stan O'Neal, the chief executive and chairman of Merrill Lynch, is on the hot seat with that firm's Board of Directors and could well lose his position as the autocratic head of "mother Merrill" before the end of the forthcoming weekend. Toomre Capital Markets LLC ("TCM") has only one simple query: "COULD????? Is there any friggin doubt about Stan O'Neal's absolute incompetence as head of this investment bank? How the heck does one manage to lose approximately $8.4 billion on a position of $35 billion??? Why has not this chief executive been summarily fired even before the quarterly earnings announcements were made earlier this week???"

TCM truly wonders if the Merrill Lynch Board of Directors even has a clue of how difficult it is to lose such a large amount of money in structured finance. And that is not even asking the question in the first place of why did Stan O'Neal allow Merrill Lynch to accumulate such a large position in CDOs and intended collateral in the first place? How much turnover in the trading positions were they executing each day? A half billion? Maybe a billion? So maybe three percent of the holding were turning over daily? Did anyone at Merrill Lynch ever think to look at the aged inventory report and ask whether the marks on those particular aged securities were anywhere close to where they could be sold, let alone where they last had an indication of true third-party interest?? Where the heck was simple "walk around" risk management??? Didn't Stan O'Neal's management have a clue thr whole CDO position and business was way out of whack relative to what they could distribute to institutional investors?

The Times of London in a story by Suzy Jagger out of New York City reports Merrill Lynch Could Oust Stan O'Neal After Merger Telephone Call. The thrust of this article is that Wall Street is bracing for its first chief executive casualty after the credit turmoil that started with the meltdown of two Bear Stearns hedge funds. The article concludes with "Laurence Fink, chairman and chief executive of BlackRock, the investment firm partly owned by Merrill Lynch, was identified as a possible successor to Mr O’Neal. John Thain, chief executive of the New York Stock Exchange, and an internal candidate, Robert McCann, senior executive overseng the bank’s 16,000 brokers, were also cited. Mr McCann, who is president of Merrill Lynch’s global private client operation, runs a business that has been insulated from the credit-loss turmoil. The prospect of a disgruntled board, an ousted chief executive and widening losses arising from investments made in sub-prime mortgage-backed debt, led to speculation that the investment bank may also be vulnerable to a takeover. The stock has fallen by as much as a third since the beginning of the year."

With retrospect, do not the shareholders of Merrill Lynch yearn for the days of when a true professional like Jeffrey Kronthal oversaw Merrill Lynch's Collateralized Mortgage Obligation ("CDO") business? Having been the executive in charge of several of these investment bank structured finance deal teams, Lars Toomre is keenly aware of how hard it is for an investment bank to hear warning signals (or even shouts) from its senior business managers.

There is such pressure to continue to record the structured finance profits that roll in when the deal arbitrage window is open. There is an incredibly expensive infrastructure cost to cover and then there are the compensation expectations of a large and specialized staff. Will thr bonuses stand up to what thr peers might earn? Can a senior manager keep his or her experienced staff or will some of the key staff members walk out the door because they were "underpaid" by Wall Street's bizarre compensation standards? In face of such pressure, it takes incredible fortitude to say simply "STOP!" Jeffrey Kronthal said Stop!! Unfortunately, though, others at Merrill Lynch wanted the deal machine to roll on. Toomre Capital Markets LLC wonders what Merrill Lynch stockholders are now saying with retrospect. Reader's comments and thoughts are welcome.

[could this be payback?]

* Are Hempstead Blacks bng punished for supporting Obama over Hillary? Is this what Suozzi really thinks of the black man, that he is a pawn for Suozzi's great white political ambitions?




HYPOCRISY? YOU BETCHA!

SUOZZI CAN GIVE $100 MILLION TO HIS BELOVED HOME TOWN OF GLEN COVE BUT OHHH THE PEOPLE IN HEMPSTEAD...YOU GOTTA PAYBACK $600,000?

WHAT CRAP?

WTZMAN HOLDS UP $600,000 BUT DID NOTHING WHEN SUOZZI AND YATAURO RIPPED OFF THE NASSAU COUNTY TREASURY WITH A $100 MILLION TO THE CITY OF GLEN COVE?

HOWARD WTZMAN SUCKS!

Newsday.com
Nassau, community development agency in fund fight
BY SID CASSESE.sid.cassese@newsday.com

February 15, 2008

Nassau auditors are examining a project in Hempstead Village that has prompted the county to cut off funds to the village's community development agency, which supports local groups providing child care and services to Hispanics.

Comptroller Howard Wtzman confirmed yesterday that, following a request last January for an investigation by Hempstead Mayor Wayne Hall, he is conducting a financial audit of the 100 Black Men Development Group's project at 100 Main St.

Wtzman said he expected to complete the inquiry within several months. "Because of the condition of the records it has been a very difficult audit," Wtzman said when asked about the length of time the inquiry has taken.

In 2001, a $10-million federal loan to the group was guaranteed by the village community development agency, using a portion of future federal grants as collateral. The loan agreement provided the comptroller with financial oversight of the project, a block-long structure housing offices and retailers.

The 100 Black Men have defaulted on the loan, the building is in foreclosure and the community development agency is resisting making a scheduled loan payment of $588,000.

Nassau officials, saying the county would be on the hook if the loan were not paid, is withholding the village's current share of federal community development block grant funds - $1.2 million - until the CDA makes the loan payment or they reach an agreement.

Claude Gooding, the village's commissioner of community development, asked the county legislature this week to help in getting the block grant money released so the agency could continue its projects that fund local community organizations such as the Little League, the Hispanic Counseling Center and the Girl Scouts.

Gooding said the CDA should not be held completely responsible for the "bad deal" made by past village and county governments.

Gooding also told lawmakers that former Republican Mayor James Garner, Lance Clarke, a former trustee and now village justice and president of the Nassau County Bar Association, and former deputy county executive Curtis Fisher - all of whom worked on the 2001 loan - had engaged in conflicts of interest because they were all members of the 100 Black Men at the time.

Gooding said that Garner later benefitted improperly by lobbying for the group on behalf of the project, and that Clarke improperly performed paid legal work for 100 Black Men on behalf of the project. Gooding said both had signed affirmations to the U.S. Department of Housing and Urban Development, which made the loan, that they had not benefitted from the deal, and would not in the future.

But regional HUD spokesman Adam Glantz said Clarke had no significant role in the loan and that HUD found no fiduciary conflict of interest for the others. "Our understanding is they resigned from 100 Black Men before the loan," Glantz said.

Glantz said he was unaware of the allegations about subsequent lobbying and legal work.

Garner denied any conflict of interest and said he did nothing wrong. Clarke said that because he was the group's counsel, he did not vote on the project. "Everything was proper," he said.

Fisher did not return several calls.

Copyright © 2008, Newsday Inc.

[Meow]

* Are Hempstead Blacks bng punished for supporting Obama over Hillary? Is this what Suozzi really thinks of the black man, that he is a pawn for Suozzi's great white political ambitions?

Read today's article in Newsday and I had to sigh at the thought of "100 Black Men". Are you kidding me?

How about 100 Black kittens is more like it - meow!

Where is Kevan Abrahams when his community needs him? Silent to Herr Suozzi?

Where is Roger Corbin when his community needs him? Oh, his silence came at a price as Herr Suozzi is alleged to have gotten Roger's wife a very cushy job.

Wake up Hempstead - there is a major double standard at work and your elected officials who claim to represent you do nothing more than represent themselves at your expense.

Think you need new elected leadership? Uhmmm?

[Law Mama]

Where doews Roger's wife work?

[Law Mama]

Read today's article in Newsday and I had to sigh at the thought of "100 Black Men". Are you kidding me?

How about 100 Black kittens is more like it - meow!

Where is Kevan Abrahams when his community needs him? Silent to Herr Suozzi?

Where is Roger Corbin when his community needs him? Oh, his silence came at a price as Herr Suozzi is alleged to have gotten Roger's wife a very cushy job.

Wake up Hempstead - there is a major double standard at work and your elected officials who claim to represent you do nothing more than represent themselves at your expense.

Think you need new elected leadership? Uhmmm?

Where doesw Roger's wife work?

[Tom1973]

Is this the same Suozzi who just gave himself and his criminal friends a 60K raise?

[Pagan Chick]

Newsday.com
Critic of special districts was district board member
Eden Laikin and Sandra Peddie on Long Island; Celeste Hadrick on Long Island; James T. Madore in Albany; Rick Brand on Long Island

February 18, 2008

SPECIAL DISTRICTS - Critic was once part of system

Nassau County Comptroller Howard Wtzman, one of today's most vocal critics of special district spending, once was a board member of the costliest water authority on Long Island and voted for some expensive benefits and increases.

While on the board of the Water Authority of Great Neck North from 1989 to 1995, records show, he approved the kind of spending and perks he has blasted in district audits.

Wtzman, who said he took no pay or benefits while on the board, defended his role. "I'm very proud of my service on the water authority," he said. "We safeguarded the water for the residents of future generations."

While there, Wtzman voted to hire Robert Graziano, now the highest-paid water superintendent on Long Island. Graziano made $192,427 last year, records show, including accrued unused vacation days - a practice begun during Wtzman's tenure. In 1994, Wtzman voted to give Graziano a $10,000, or 13.8 percent, raise, minutes show.

In 1991, he voted to give the part-time board chairman medical, dental and optical insurance, a salary, and pension credits. And in 1993, Wtzman approved paying for the board treasurer to attend a five-day water conference in Las Vegas - the only out-of-state trip approved during his tenure.

- Eden Laikin and Sandra Peddie on Long Island

AIDE FOR YATAURO

Glen Cove connection

After more than a month of searching, Nassau's new presiding officer, Diane Yatauro (D-Glen Cove), has hired a new press secretary, who happens to come from Glen Cove.

Zefy Christopoulos, press officer for the City of Glen Cove, starts her county job tomorrow at a $65,000 salary. Christopoulos said she was hired by former Glen Cove Mayor Mary Ann Holzkamp and continued in her post under current Mayor Ralph Suozzi. Before the city job, she was an editor and reporter for the Glen Cove Record Pilot.

Christopoulos said Yatauro reached out to her about coming to the county. "I thought about it and thought, why not. I have ink in my vns."

- Celeste Hadrick on Long Island

Abuse of Nassau County is rampant - Thanks Suozzi, Wtzman, and Yatauro!

[Hill Dog]

Anybody doing the math on Nassau County Finances?
Suozzi admitted on Thursday that the County was in fiscal trouble at a Press Conference and could not rule out tax hikes in 2009 to close the Budget deficit.

The problem - Suozzi admitted that the County has more than $65 million in deficit without acknowledging the latest blunder uncovered from the LIRR.

Add it up:
- start with $65 million down for 2008
- subtract $40 million for the LIRR
- subtract $20 million from the 2008 Budget for loss of Tax Revenue associated with Mortgage Refinancings and Home purchases.
- subtract lost phantom revenue for sale of Signage at Nassau Parks - loss of $5 million.
- subtract $23 million additional phantom revenue from VLT at Belmont as NYS Assembly Speaker Silver is only willing to allow at NYC Aqueduct Race Track
- subtract $25 million for Ceritorari Payouts as Nassau County sets aside $60 million and this will surely miss as Levinson thinks he knows better. Levinson is too rigid and should have been emplying a more flexible Hosuing model that would prepare for a downturn. Instead, Nassau will now pay out for pricing homes too high.

Total Cost = $178 million in deficit.
Add $40 million from what is left of the $282 million County Reserves and you are seeking to raise Property taxes by about 25% to offset an anticipated deficit of $138 - $140 million

Does Newsday Editorial even read thr own News reports?

Newsday.com
MTA: Nassau County owes more than $40 million
BY JAMES T. MADORE.james.madore@newsday.com

February 16, 2008

ALBANY - Nassau County owes more than $40 million to the Metropolitan Transportation Authority for building projects and Long Island Bus, and according to some officials, is balking at repayment.

Half of the debt stems from a 1990s deal whereby the MTA gave $48 million to nearly bankrupt Nassau in return for a pledge of $97 million to be used on Long Island Rail Road stations and other transit projects in the county. However, Nassau only came up with $77 million, the MTA confirmed Friday.

The transit agency also verified that Nassau's annual $10 million subsidy for public buses did not cover the system's shortfall of $30 million last year. Under an agreement with the MTA, Nassau, like other communities, is supposed to pick up the bus expenses not paid by fares and federal and state subsidies, an MTA spokesman said.

Nassau's arrears to the agency were highlighted during a legislative budget hearing. Under questioning from Assemb. Richard Brodsky (D-Westchester), MTA and state Transportation Department officials said here that they were working with Nassau Executive Thomas Suozzi to resolve the problem.

"I am optimistic that we will resolve the issue of that debt payment to the satisfaction of both the county and ourselves," MTA executive director Elliot Sander said Wednesday. "It is a major concern of mine."

But Sander added Suozzi's request that the state or MTA assume the full cost of Long Island Bus was improbable.

Asked about the debt Friday, Suozzi aide Jennifer Kim said, "There has been a long-term disagreement about the validity of the claim. This is a very complex issue and we would be happy to discuss it with the MTA."

Suozzi, like other county leaders statewide, has said wobbly sales-tax revenue could force belt-tightening in future budgets.

At Wednesday's hearing, Brodsky criticized state Transportation Commissioner Astrid Glynn for sending about $10 million a year to Long Island Bus despite Nassau's refusal to increase its subsidy. He said it was unfair to other communities that honor thr debts.

Glynn replied: "I have heard there is a system that consistently refuses to pay a debt to the MTA. ... I do know that has been a bone of contention.

Brodsky said: "Apparently not enough to change the stated policy of the department to reward that system."

A spokesman for Sen. Dean Skelos (R-Rockville Centre), who serves on the MTA capital review board, said, "We are reviewing the situation to figure out what's going on."

Copyright © 2008, Newsday Inc.

[Isiah Thomas]

Newsday is possibly participating in this coverup of Nassau County problems as Democrats do not want anything to come out that might threaten thr ability to take over the NYS Senate this fall.

Just look at NIFA's silence as confirmation that the fix is in. There will be no News or Editorials that are too critical of Nassau and Suffolk Counties Democrats.

Tip your cap to Democrat Insider Robert Zimmerman with the blessings of Governor Eliot Spitzer.