Comments on: Wall Street Losses a Disaster for New York City Finances http://www.nakedcapitalism.com/2008/08/wall-street-losses-disaster-for-new.html Sun, 22 Nov 2009 21:02:38 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Peripheral Visionary http://www.nakedcapitalism.com/2008/08/wall-street-losses-disaster-for-new.html#comment-12862 Peripheral Visionary Wed, 13 Aug 2008 15:17:00 +0000 http://www.nakedcapitalism.com/2008/08/wall-street-losses-a-disaster-for-new-york-city-finances/#comment-12862 Yet another reason why municipal taxes (and I would argue Federal taxes) should be based primarily on assets, not incomes--in this case, real estate rather than profits. When the economy craters, sales taxes go down and income taxes disappear, but real estate isn't going anywhere and the municipality that taxes on it can stay aflot. Yet another reason why municipal taxes (and I would argue Federal taxes) should be based primarily on assets, not incomes–in this case, real estate rather than profits. When the economy craters, sales taxes go down and income taxes disappear, but real estate isn’t going anywhere and the municipality that taxes on it can stay aflot.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/wall-street-losses-disaster-for-new.html#comment-12840 Anonymous Wed, 13 Aug 2008 02:14:00 +0000 http://www.nakedcapitalism.com/2008/08/wall-street-losses-a-disaster-for-new-york-city-finances/#comment-12840 Two-thirds of U.S. companies and 68% of foreign corporations do not pay federal income taxes (during boom times)<br/><br/>http://money.cnn.com/2008/08/12/news/economy/corporate_taxes/index.htm?cnn=yes Two-thirds of U.S. companies and 68% of foreign corporations do not pay federal income taxes (during boom times)

http://money.cnn.com/2008/08/12/news/economy/corporate_taxes/index.htm?cnn=yes

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/wall-street-losses-disaster-for-new.html#comment-12834 Anonymous Tue, 12 Aug 2008 22:18:00 +0000 http://www.nakedcapitalism.com/2008/08/wall-street-losses-a-disaster-for-new-york-city-finances/#comment-12834 New York is going to be hit by a double whammy of a decline in financial services and a intermediate-term U.S Dollar rally.<br/><br/>Foreigners have been helping to prop up NY real estate. Guess what happens if the Euro trades back at parity with the USD?<br/><br/><br/>Just an opinion, not investment advice. New York is going to be hit by a double whammy of a decline in financial services and a intermediate-term U.S Dollar rally.

Foreigners have been helping to prop up NY real estate. Guess what happens if the Euro trades back at parity with the USD?

Just an opinion, not investment advice.

]]> By: Dave http://www.nakedcapitalism.com/2008/08/wall-street-losses-disaster-for-new.html#comment-12832 Dave Tue, 12 Aug 2008 21:37:00 +0000 http://www.nakedcapitalism.com/2008/08/wall-street-losses-a-disaster-for-new-york-city-finances/#comment-12832 New York is the next Detroit? Hyperbole, thy name is blog commenter. What stupidity. New York is the next Detroit? Hyperbole, thy name is blog commenter. What stupidity.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/wall-street-losses-disaster-for-new.html#comment-12831 Anonymous Tue, 12 Aug 2008 21:10:00 +0000 http://www.nakedcapitalism.com/2008/08/wall-street-losses-a-disaster-for-new-york-city-finances/#comment-12831 Ha-Ha.<br/><br/>New York is the next frigging Detroit. It has been obvious for the past few years that the entire city is due for a cratering, but the bubble was able to plaster over the problems.<br/><br/>Now the chickens are coming home to roost. Couldn't happen to a nicer place.<br/><br/>Tip for those looking for the bottom: When you can buy buildings in Manhattan, demolish them, sell the building materials as scrap, and make a profit - then you will know the bottom is close. Ha-Ha.

New York is the next frigging Detroit. It has been obvious for the past few years that the entire city is due for a cratering, but the bubble was able to plaster over the problems.

Now the chickens are coming home to roost. Couldn’t happen to a nicer place.

Tip for those looking for the bottom: When you can buy buildings in Manhattan, demolish them, sell the building materials as scrap, and make a profit – then you will know the bottom is close.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/wall-street-losses-disaster-for-new.html#comment-12811 Anonymous Tue, 12 Aug 2008 16:36:00 +0000 http://www.nakedcapitalism.com/2008/08/wall-street-losses-a-disaster-for-new-york-city-finances/#comment-12811 Hope this doesn't see, too off topic, but looking at JPM and Bear Stearns bailout, the recent write downs on wall street are indicative of the corruption still firmly in place there and the lack of confidence remaining.<br/><br/> The Fed engineering of accounting fraud is unprecedented and the damage going forward seems headed towards a deflation crisis -- which will be far worse than having Bear exposed for what it was. The systemic collapse of banking is related to fraud and thus failure to root out the Enron-like criminals and to not provide a symbolic show of justice will continue to erode this system and result in less confidence and an extension of economic decay!<br/><br/>I found this to be interesting:<br/><br/> Fraudulent Conveyances. <br/>Constructive Fraud: <br/>Conveyance made by a person who is insolvent or will be rendered insolvent by the conveyance is fraudulent as to creditors without regard to intent, if made without fair consideration. Md. ComL. § 15-204. <br/>“Insolvent” for business = engaged or is about to engage in a business transaction for which the property remaining in his hands is an unreasonably small capital. Com.L. § 15-205. <br/>Entity has an unreasonably small amount of capital. Com L. § 15-205. <br/>About to incur debts beyond his ability to pay. Com. L. § 15-206 <br/>“Fair consideration” = received in good faith, in an amount not disproportionately small. Md. ComL § 15-203. “Not disproportionately small” depends on the circumstances. <br/>Conveyance in anticipation of future debt can be fraudulent. Com.L. § 15-206. Future creditors may avoid transfers if: <br/>Person is or will be insolvent because of the transfer; and <br/>The insolvent intends or believes that he/she will incur debt that he/she will be unable to pay. Hope this doesn’t see, too off topic, but looking at JPM and Bear Stearns bailout, the recent write downs on wall street are indicative of the corruption still firmly in place there and the lack of confidence remaining.

The Fed engineering of accounting fraud is unprecedented and the damage going forward seems headed towards a deflation crisis — which will be far worse than having Bear exposed for what it was. The systemic collapse of banking is related to fraud and thus failure to root out the Enron-like criminals and to not provide a symbolic show of justice will continue to erode this system and result in less confidence and an extension of economic decay!

I found this to be interesting:

Fraudulent Conveyances.
Constructive Fraud:
Conveyance made by a person who is insolvent or will be rendered insolvent by the conveyance is fraudulent as to creditors without regard to intent, if made without fair consideration. Md. ComL. § 15-204.
“Insolvent” for business = engaged or is about to engage in a business transaction for which the property remaining in his hands is an unreasonably small capital. Com.L. § 15-205.
Entity has an unreasonably small amount of capital. Com L. § 15-205.
About to incur debts beyond his ability to pay. Com. L. § 15-206
“Fair consideration” = received in good faith, in an amount not disproportionately small. Md. ComL § 15-203. “Not disproportionately small” depends on the circumstances.
Conveyance in anticipation of future debt can be fraudulent. Com.L. § 15-206. Future creditors may avoid transfers if:
Person is or will be insolvent because of the transfer; and
The insolvent intends or believes that he/she will incur debt that he/she will be unable to pay.

]]> By: Unsympathetic http://www.nakedcapitalism.com/2008/08/wall-street-losses-disaster-for-new.html#comment-12791 Unsympathetic Tue, 12 Aug 2008 11:08:00 +0000 http://www.nakedcapitalism.com/2008/08/wall-street-losses-a-disaster-for-new-york-city-finances/#comment-12791 <i>The rating agencies are cognizant</i><br/><br/>Oh, the irony. The companies will remain AAA until after the cows have come home, grown old, and been turned into brisket.. yet, the ratings agency is extraordinarily quick to notice the decreased taxes sent to the state government from those same companies? The rating agencies are cognizant

Oh, the irony. The companies will remain AAA until after the cows have come home, grown old, and been turned into brisket.. yet, the ratings agency is extraordinarily quick to notice the decreased taxes sent to the state government from those same companies?

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