Skip to main content

It Was Only A Matter Of Time

The bankers' fall from grace could only be followed by serious perception declines in the Hamptons. That's just fine with the locals. Thank god that new money contingent is forced to move on.

...For the time being, the economy has taken care of the McMansion developers. Houses sit unfinished and it's distressing for those who have invested, and even worse for the locals whose livelihoods depend on them.
But maybe this downturn has a silver lining given the number of terrible houses that have been built.
The alliance between local governments and developers, where trinkets are tossed to the towns in exchange for the right to overbuild with impunity, has to be examined and challenged. It's no longer an issue of what we want this place to be but rather an issue of "can it be?" So this downturn is a very good time for us to take stock and reflect and, hopefully, emerge once again as a changed and fabulous place.

Real Estate [27east] via Banker Gone Broke


Until It Lost Four Times Its Annual Earnings In A Matter Of Minutes, Knight Capital Was Very Profitable, And Guess What, The Company Doesn't Need Your Charity Regardless

...says former CEO who may or may not be authorized to speak for the place. The co-founder and former chief executive officer of battered market-maker Knight Capital Group gave a bullish assessment of the company's future, telling CNBC that Knight can "definitely survive," even without the help of a financial savior. If Knight should go under, "you'd have a hole in the marketplace," said Kenneth Pasternak who retired from Knight in 2002. The market-maker "needs to restore the confidence of the community at large, but its a very important player and frankly, was a very profitable player until three days ago." [CNBC]