Word: turning
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...though their defense is less than robust. Key players included leading banks in tandem with some of the biggest names in real estate and private equity, none of whom would have missed that high tenant turnover was the main motor for profits. "We truly went into this trying to turn housing that was run very, very poorly by slumlords into affordable working-class housing, and to be portrayed like this is somewhat upsetting, to be quite frank," says Richard Mack, who works at AREA Property Partners, a $9 billion partnership, with his father William, who got his start...
Nowhere was that more true than in the ill-conceived investment to turn the twinned 11,000-unit middle-class housing complex known as Stuyvesant Town and Peter Cooper Village, built originally to accommodate World War II veterans, into luxury housing, for which limits on yearly rent increases are chucked in favor or whatever the market will bear. The prospectus offered by the lead investors, Tishman Speyer and Larry Fink's asset-management fund BlackRock, imagined evicting 50% of rent-regulated tenants in just a few years. But tenants fought back and won in a court decision that also undercut...
...national mood and general disenchantment with Washington. The recriminations began even before the Massachusetts polls closed. White House press secretary Robert Gibbs said Obama - who had traveled to Massachusetts in the final weekend of the race in an effort to rescue Coakley - had been "surprised and frustrated" by the turn the race had taken. And David Axelrod, the President's chief political strategist, told the Baltimore Sun, "The White House did everything we were asked to do. I think if we had been asked earlier, we would have responded earlier." But the Coakley campaign, in a memo leaked to Politico.com...
...carried Obama to victory a little over a year ago. Brown had run against "business as usual" in Washington, and his supporters on Tuesday night chanted, "Yes we can." In case the point still wasn't clear, one of his supporters held a hand-lettered sign: "It's Our Turn for a Change...
...Before JAL's filing on Tuesday, Transport Minister Seiji Maehara said, "The government wants to continue to support JAL to ensure its continued stable and safe operations." The Enterprise Turnaround Initiative Corp. of Japan (ETIC), a quasi-government entity that buys the debt of troubled Japanese companies and helps turn them around, will support the airline through massive rehabilitation to transform JAL into a leaner operation. (See pictures of Japan and the world...