No more patience as AC fails to deliver

From Bloomberg:

New Jersey May Seize Atlantic City as Rebound Eludes Casinos

After almost five years of piecemeal efforts to fix Atlantic City, New Jersey’s distressed seaside resort faces more drastic measures: the end of its casino monopoly and a state takeover or bankruptcy filing.

On the line is the future of a city that Governor Chris Christie once said was crucial to New Jersey’s recovery. Once the second-largest U.S. gambling market, Atlantic City has seen its key industry crumble as day-trip patrons shift to newer, closer casinos in nearby Pennsylvania and New York.

The decline has sapped municipal tax collections. While state aid helped plug a gap this year, the city of 39,000 faces a shortfall of $90 million next year, a third of its budget. The dire straits have led New Jersey officials to bring to the forefront options that have been discussed for months, if not years. The new initiatives spurred a rally for the city’s debt.

Lawmakers this week agreed to ask voters in November to expand gambling to northern New Jersey and share the revenue with Atlantic City. They’ve also proposed taking control of its finances for 15 years. Senate President Steve Sweeney, the highest-ranking Democratic legislator, said the city should declare bankruptcy if the takeover isn’t approved quickly.

“This is a very clear statement to Atlantic City: Get your act together, knock off the B.S. and start addressing what you need to address,” Sweeney told reporters Tuesday at the Statehouse in Trenton. “The state is not going to come in and bail you out any more. You need to fix this.”

An emergency manager appointed by the governor a year ago to oversee Atlantic City’s finances released one report in March and “no substantive subsequent updates,” S&P said in December. This month, the state Senate sent Christie legislation that would divert some gambling funds to the city and establish fixed payments from casinos instead of levies based on real estate values to prevent tax appeals that have strained the city’s finances.

On Tuesday, Sweeney said more must be done. He, Sarlo and Senator Kevin O’Toole, a Republican from Cedar Grove, announced plans to introduce legislation to give control of city finances to the state’s Local Finance Board. While about 15 municipalities get some state oversight, including Atlantic City, the last to lose total authority was Camden, from 2002 to 2010, according to his office.

Atlantic City, Sweeney said in a statement, has a “bloated” budget that amounts to $6,717 per person. That figure is $2,736 for Newark, New Jersey’s largest city, and $1,953 for Camden.

Ernest Coursey, a county lawmaker who represents Atlantic City, said the Camden takeover failed to produce results, while control over Newark’s public schools has led to few improvements.

“It will be a cold day in hell before we just stand by idly,” Coursey said at the Guardian press conference. “Everything the state touches turns to crap.”

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94 Responses to No more patience as AC fails to deliver

  1. Lawmakers this week agreed to ask voters in November to expand gambling to northern New Jersey and share the revenue with Atlantic City.

    So now we’ll have something akin to our first Abbot Gambling District?

  2. Essex says:

    2. That’s…….genius.

  3. D-FENS says:

    Be sure to vote for the constitutional amendment guaranteeing public pensions are fully funded in 2017!

  4. In fairness, dollars per resident may not be a reasonable metric to judge AC’s municipal budget. The city has always “punched above its weight,” in that regard, considering that A) its a tourist town; and B) the lion’s share of its workforce commutes from somewhere else. Hell, they even put the employee parking right on the AC Expwy at the entrance to the city (after they paid their tolls, nach) and bussed folks to their buildings.

  5. All Hype says:

    Sal Tessio > Hans Gruber

  6. Juice Box says:

    Here is the data it peaked at $500 million in taxes in 2006 and stands at $206 million today. How much do they expect North Jersey to kick into AC?

    http://www.nj.gov/lps/ge/docs/Financials/CRFTF/CRFTFSourceReport.pdf

  7. chicagofinance says:

    Rickman died? fcuk!

  8. Juice Box says:

    cancer again.

  9. Libturd supporting the Canklephate says:

    AC is a fine example of government corruption. You can’t fix it without laying off the entire workforce.

    http://www.nj.com/news/bythenumbers/

    Now choose “Active public employees payroll.”

    Then choose ” Atlantic City”

    Then look at the fund codes. Yup…the entire workforce is in early retirement or on permanent disability. Now look at the years of service.

    NJ is a giant sink hole. I haven’t looked at the teachers or police or fire yet. I imagine I’ll find the same thing.

  10. chicagofinance says:

    REPULSIVE!

    “Then again, even the tax-free Powerball states have ensured a bigger windfall by front-loading their gains: A few months ago, the Multi-State Lottery Association made Powerball about 50% harder to win. The group increased the white-ball count to 69 from 59 (you have to pick five correctly) and reduced the Powerball to 26 from 35. Presto—more rollovers to the next drawing, larger jackpots and bigger profits for government.”

    By ALLYSIA FINLEY

    Under what circumstances is a gambling racket legal? When the bookie is government.

    The Powerball jackpot, which is administered by a conglomeration of dozens of state lottery associations, is expected to hit $1.5 billion by the Wednesday-night drawing. That fabulous-sounding prize isn’t close to what the winner will take home.

    The jackpot’s cash value is $930 million for a lump-sum payment. The total gets to $1.5 billion only if you opt for the “guaranteed” annuity paid out over 29 years.

    The money for the annuity is invested in ultra-low-yield, U.S. government-backed securities, so unless you want to finance the U.S. government’s growing debt, you’d be better off taking the $930 million lump sum. Or what’s left of it after the taxman wades in. Assuming there’s a winner for this drawing—not a done deal, since the odds of hitting the right number are 1 in 292.2 million—the actual lump-sum payout will be closer to $475 million after Uncle Sam and state governments take their cuts.

    The top marginal federal income-tax rate is 39.6%. You’ll be dunned 52.3% if you live in New York City, 49.5% in Oregon. The good news is that neither California, where the top marginal rate is 13.3%, nor Pennsylvania tax prize money from tickets bought in their states. Winners who live in zero-income-tax states Texas, Tennessee, Florida, South Dakota, Wyoming and Washington could also save a bundle.

    Then again, even the tax-free Powerball states have ensured a bigger windfall by front-loading their gains: A few months ago, the Multi-State Lottery Association made Powerball about 50% harder to win. The group increased the white-ball count to 69 from 59 (you have to pick five correctly) and reduced the Powerball to 26 from 35. Presto—more rollovers to the next drawing, larger jackpots and bigger profits for government.

    And it has worked, with millions of Americans gladly snapping up tickets even though they’re less likely to win than to be hit by lightning or see Martin O’Malley sworn in as the next president.

    State governments have been giddy about the money flowing into their coffers lately. “When we do our budgeting, we keep our fingers crossed for a jackpot like this because it really pumps up our numbers for education,” California Lottery spokesman Alex Traverso recently told the Los Angeles Times. About 40% of the money from Powerball sales in California and 30% in New York goes to education (i.e., teachers unions).

    Florida Lottery Secretary Tom Delacenserie last week issued a news release crowing that the Powerball jackpot, then at $800 million, “is not only a life-changing opportunity for any person, but also it has allowed the Lottery to generate over $40 million in revenue for Florida students and schools.”

    Democratic politicians like New York Attorney General Eric Schneiderman have lately taken to denouncing fantasy-sports websites like DraftKings and FanDuel. But those operations take only about 10% of contest entry fees. The government-sponsored gambling cartel rakes in about two-thirds of Powerball sales. Nobody likes to be undercut by the competition.

    Ms. Finley is an editorial writer for the Journal.

  11. chicagofinance says:

    About 40% of the money from Powerball sales in California and 30% in New York goes to education (i.e., teachers unions).

  12. Libturd supporting the Canklephate says:

    There are 150 employees in the Board of Ed making 6 figures or more and that’s 13% of their workforce. That’s a city of under 40,000 people.

    For a comparison, Montclair (who is known to pay their teachers well) have 95 employees making 6 figures which represents 9% of their 50% smaller workforce than ACs. Both cities are of similar size.

  13. nwnj3 says:

    What’s pathetic to me in these cases is when the town officials become totally indignant about the prospect of loss of local control due to a state takeover. Some moron from Paterson was railing about it after the state of the state address the other day, and apparently the mayor of AC is now.

    By all means, let’s leave these idiots to their own devices and wait for the bankruptcy filing. That’s the best and most equitable solution for the state.

    Anything Sweeney’s proposing is a bailout by another name, the state should be running and not walking away from his proposals.

  14. Libturd supporting the Canklephate says:

    You could perform an audit and pay the auditor 1/100th of 1 percent of the waste he finds in the audit and the auditor would end up making more money than their BOE Superintendent.

  15. Libturd supporting the Canklephate says:

    The real issue is that we stand for it. No one says boo about the obvious corruption. It’s reached the point where it has become acceptable. Like the get out of jail cards the STFA sell. The “200” club. Right.

    Pick your county. Donate $200. Get your special card. Make sure you donate enough to get the metal card. The plastic one only works with the local police. The metal one works with the state troopers. Now drive around with reckless abandon!

  16. leftwing says:

    “About 40% of the money from Powerball sales in California and 30% in New York goes to education (i.e., teachers unions)”

    Under the assumption that the correct action – an actual cut in these expenditures – will not happen I have no problem with the lotteries as a funding mechanism.

    Lotteries are a tax on the social class receiving the most transfer payments from me. Any time the government can start to level that playing field by having them them contribute more, especially through items that I can opt out of like lotteries, I’m good with it.

    Beats another tax increase on us.

  17. Libturd supporting the Canklephate says:

    I am 100% against the lottery. When I don’t brown bag it, I buy lunch at a small coffee shop near the entrance to the industrial district where I am located. Every time I try to pay for my lunch, I have to wait ten minutes for the lunatics ahead of me who are blowing anywhere from $100 to $200 daily on it. And they friggin buy scratch cards and start scratching them right then and there. And like clockwork, they keep buying scratchcards with their $2 and $5 wins until they reach zero. I’m pretty sure that they are all on permanent disability too.

  18. Libturd supporting the Canklephate says:

    I think I was the only person in the plant in Union to not play last night. Figure about 200 employees spent an average of $10 each. Would have been much better off pooling their money and purchasing a large screen TV for the break room and throwing a party. But what do I know.

  19. leftwing says:

    18. Stu, your experience supports my point.

    Let them play their wallet to zero. It is the only contribution they will make to the well being of the State other than through the sales tax they pay.

  20. Comrade Nom Deplume, the anon-tidote says:

    [18] lib,

    anon and footrest will tell you that the Lottery functions as a regressive tax, therefore it is clearly a plot by the plutocrats to keep the idiot masses quiescent while they claw back the welfare benefits and excessive wages that they have grudgingly paid out.

    I figure, you have to get it from somewhere, and voluntary is better, so I like the lottery, or as I call it, the Idiot Tax.

    That said, I have been known to toss a few bucks at it, and participate in the office pool. That is more about being sociable in a small office than trying to win.

  21. leftwing says:

    Re: GE HQ to Boston.

    MA Governor being interviewed on CNBC now.

    Going to have some hurting high end suburbs in CT.

  22. Libturd supporting the Canklephate says:

    I understand that I’m in the minority my views on the lottery. Then again, the masses are asses.

  23. Comrade Nom Deplume, the anon-tidote says:

    [6] hype

    Sad. I never much cared for Bowie as an artist (sad he’s gone but not more so than a friend’s parent), but I loved Rickman as an actor. I think few people know the wide range of roles he has played over his career, and they weren’t all villains and antagonists.

    Unlike so many of the one dimensional “superstars” we have come to lionize, he was a master of his craft, and kept working right until the end.

  24. Comrade Nom Deplume, the anon-tidote says:

    [23] lib,

    “the masses are asses”

    For which I am eternally grateful, even as I bemoan the situation.

  25. The Great Pumpkin says:

    Why focus only on govt employees? What about the private sector? I know a ton of people on disability in the private sector. I also know personally of a business owner that puts people on the payroll for no show jobs. His wife passed, and he had a gf. Put the gf and her family on the payroll to scam the taxpayer. Why no complaints about this? It’s no show jobs created to rip off the taxpayer, but guess what, nobody will ever find out about it because it is in the private sector behind locked doors. This is the key point that people miss in their hate for govt employees, the private sector makes the govt look like a saint. They are so dirty, but it rarely comes to light unless shi! hits the fan like in enron, madoff, or bear stearns. You are worrying about petty govt bs, when the real thieves are in the private sector.

    Libturd supporting the Canklephate says:
    January 14, 2016 at 9:19 am
    AC is a fine example of government corruption. You can’t fix it without laying off the entire workforce.

    http://www.nj.com/news/bythenumbers/

    Now choose “Active public employees payroll.”

    Then choose ” Atlantic City”

    Then look at the fund codes. Yup…the entire workforce is in early retirement or on permanent disability. Now look at the years of service.

    NJ is a giant sink hole. I haven’t looked at the teachers or police or fire yet. I imagine I’ll find the same thing.

  26. The Great Pumpkin says:

    So you are finally realizing how much taxes the bottom 51% actually pay? It doesn’t show up in the stats because it’s indirectly paid. You now realize romney was dead wrong.

    leftwing says:
    January 14, 2016 at 10:20 am
    18. Stu, your experience supports my point.

    Let them play their wallet to zero. It is the only contribution they will make to the well being of the State other than through the sales tax they pay.

  27. The Great Pumpkin says:

    27- Where are all the lotteries located? Mostly in poor areas. Why? They are playing off their need for money. Throwing big prizes in their face that can change their miserable life for a dollar or two. Can you blame them?

  28. grim says:

    So we can assess the average intelligence of a state based on their per capita lottery winnings?

  29. The Great Pumpkin says:

    It wouldn’t be that far off base…lol

    grim says:
    January 14, 2016 at 10:44 am
    So we can assess the average intelligence of a state based on their per capita lottery winnings?

  30. Anon/Gourd [28];

    May the odds be ever in your favor.

    [26];

    Why focus only on govt employees? What about the private sector?

    Because I don’t pay the salary (or disability premiums) of private employers/ees. The fact that you constantly ignore the distinction between public and private — even in malfeasance — only confirms that you are a sock of Anon.

  31. FKA 2010 Buyer says:

    Taking personal responsibility, what a novel idea.

    Michael Burry, Real-Life Market Genius From The Big Short, Thinks Another Financial Crisis Is Looming

    How do you think all of this affected people’s perception of the System, in general?
    The postcrisis perception, at least in the media, appears to be one of Americans being held down by Wall Street, by big companies in the private sector, and by the wealthy. Capitalism is on trial. I see it a little differently. If a lender offers me free money, I do not have to take it. And if I take it, I better understand all the terms, because there is no such thing as free money. That is just basic personal responsibility and common sense. The enablers for this crisis were varied, and it starts not with the bank but with decisions by individuals to borrow to finance a better life, and that is one very loaded decision….. Yet so few took responsibility for having any part in it, and the reason is simple: All these people found others to blame, and to that extent, an unhelpful narrative was created. Whether it’s the one percent or hedge funds or Wall Street, I do not think society is well served by failing to encourage every last American to look within…. We should be teaching our kids to be better citizens through personal responsibility, not by the example of blame.

    http://nymag.com/daily/intelligencer/2015/12/big-short-genius-says-another-crisis-is-coming.html?mid=facebook_nymag#

  32. Libturd supporting the Canklephate says:

    “Why focus only on govt employees?”

    Because I am paying their salaries. I am not paying yours!

  33. The Great Pumpkin says:

    This is where you and everyone is wrong. We are all a part of the same economy. Someone making out in the private sector is prob affecting you more than some little corruption in the private sector. You are telling me that enron had no impact on you? You are telling me madoff had no impact on you. You are telling me that bear stearns has no impact on you? You are telling me when an employee is stealing from a private company, you are not paying for it? YOU ARE PAYING FOR IT, YOU ARE JUST TO NAIVE TO REALIZE HOW!

    Anon E. Møøse, Who never bit anyone’s sister says:
    January 14, 2016 at 11:11 am
    Anon/Gourd [28];

    May the odds be ever in your favor.

    [26];

    Why focus only on govt employees? What about the private sector?

    Because I don’t pay the salary (or disability premiums) of private employers/ees. The fact that you constantly ignore the distinction between public and private — even in malfeasance — only confirms that you are a sock of Anon.

  34. Libturd supporting the Canklephate says:

    Hello Bernie…goodbye Cankles.

    http://www.realclearpolitics.com/epolls/2016/president/us/2016_democratic_presidential_nomination-3824.html

    Just watch Anone, Otter and FlabMax rally behind the Bern now. The Machine will be switching into high gear to try to knock the Bern down, but there’s not much to go on besides his gun support, which most people actually get.

  35. FKA 2010 Buyer says:

    Who knew stating, “make America great” would be so controversial? Slowly destroying itself from within

    Nikki Haley shows how the GOP establishment has fueled Trump’s rise

    As favorable as the reaction from some Republicans was, though, Trump supporters and others not-so-enamored of the GOP establishment were not favorable in their reviews. Rush Limbaugh, Laura Ingraham and other conservative talk show hosts slammed the speech. Carly Fiorina, still trying to get traction in the “outsider” track to the GOP nomination, said “it was the wrong note.” Of course, some number of conservatives have always wanted to be “noisier” and even less compromising, on the grounds that Democrats and the weak-kneed GOP establishment are flushing America down the toilet. A true, uncompromising conservative, they say, would, well, “Make America Great Again.” The difference is that now, between Cruz, Trump and Ben Carson, the “everything is awful” portion of the GOP is a clear majority, not limited to the fringe.

    https://www.washingtonpost.com/blogs/post-partisan/wp/2016/01/13/nikki-haley-shows-how-the-gop-establishment-has-fueled-trumps-rise/

  36. Libturd supporting the Canklephate says:

    “YOU ARE PAYING FOR IT, YOU ARE JUST TO NAIVE TO REALIZE HOW!”

    How did Madoff hurt me besides destroying my Mets team?

  37. The Great Pumpkin says:

    You pay me indirectly. No different then paying taxes. Every time you buy a product, it impacts the rest of the economy. It’s complicated and I’m not about to explain step by step how. If you really can’t figure it out, I will do it. A corrupt private business or corrupt private employee impacts you in the same way as a corrupt public sector employee.

    Libturd supporting the Canklephate says:
    January 14, 2016 at 11:17 am
    “Why focus only on govt employees?”

    Because I am paying their salaries. I am not paying yours!

  38. The Great Pumpkin says:

    Having corrupt private businesses falsifying tax records or income (enron), destroys the economy. It’s a parasite sucking it dry. Too bad you people are only focused on stupid tax dollars, ignorant to how you are really getting ripped off. Keep rallying against govt regulation that is there to protect you from this bs. Go ahead, eliminate regulation, and let those freaks full of greed destroy the economy.

  39. Ragnar says:

    Cackling Cankles received a few weeks of intensive laughing instruction a couple months ago. She was pretty clearly taught to cackle and open her eyes wide whenever someone brought up one of her many embarrassing mistakes/flaws/lies/illegal acts, and pretend these were all invented by crazy right wing fringe elements.

    While most democrats and media people are in principle most aligned with Sanders’ full frontal collectivist/altruist statism, they have been backing Cackling Cankles because if their impression that she is the most “electable” of the candidates, and they are afraid to risk a sure score (Cankles) by holding out for their true love who may leave them with blueballs (Sanders) by losing the election.

    If they start losing confidence in Cankles’ electability, they will dump her and flip to their preferred candidate.

  40. 1987 Condo says:

    #12, in most situations, including NYS, lottery monies that “fund” education are merely an accounting offset in the budget. For example, $100 million is budgeted for education, the lottery provides $30 million to the state, the state merely moves the money around and provides $30 million to the general account and is usually used for pet projects. If lottery returns were $0, $100 million still goes to education…bug scam.

  41. Libturd supporting the Canklephate says:

    Don’t try to school me in economics. I have a minor in it.

    The truth of the matter is, I can’t impact the business practices of Goldman Sachs. They have purchased their ability to fcuk me up the ass. But the lifeguard in Atlantic City who has lifetime medical on cadillac plan for him and his wife? He hasn’t paid his dues to the government. Well maybe some, through the union’s lobbying, gifting and endorsements. But Goldman Sachs IS the government.

  42. Ragnar says:

    Lib,
    I’m with you. I don’t even think about playing the lottery. I’ve spent 25 years focused on making only positive expected return investments, preferably with a low volatility. High volatility, negative expected return investments are what rational people should hate. Yet actually, lots of investors prefer longshots, even with negative expected returns. This may help explain why modern financial theory is disconnected from reality, as explained in these videos:
    http://www.efalken.com/video/

  43. Libturd supporting the Canklephate says:

    “because if their impression that she is the most “electable” of the candidates, and they are afraid to risk a sure score (Cankles) by holding out for their true love who may leave them with blueballs (Sanders) by losing the election.”

    I disagree. It has been displayed in every poll that pits Sanders and Clinton up against the Republican candidate, that Sanders would perform much better. The Dem’s still have a hard on for the President that always had a hard on. Can’t wait for Bernie to take the lead and then listen to all of the Dems claim that anyone who is against him is anti-semetic. Much like I used to be a racist, then I became a misogynist.

    Bernie should win alone for two reasons. He is not owned. His primary position is to close the income gap. You can successfully argue that he won’t be able to get anything done, but we simply have to start somewhere. By mid-term elections, you might see a lot of the two party candidates taken out by outsiders.

    And let’s not forget. Bernie did not vote for the Gulf War II.

  44. jcer says:

    44, neither did Obama and you see what that got us…….president drone strike.

  45. 1987 Condo says:

    “And let’s not forget. Bernie did not vote for the Gulf War II.”…I thought that said WW II !!!!

  46. The Great Pumpkin says:

    Bingo, post of the day.

    Libturd supporting the Canklephate says:
    January 14, 2016 at 11:43 am
    Don’t try to school me in economics. I have a minor in it.

    The truth of the matter is, I can’t impact the business practices of Goldman Sachs. They have purchased their ability to fcuk me up the ass. But the lifeguard in Atlantic City who has lifetime medical on cadillac plan for him and his wife? He hasn’t paid his dues to the government. Well maybe some, through the union’s lobbying, gifting and endorsements. But Goldman Sachs IS the government.

  47. D-FENS says:

    If I decide not to pay the tax man, he garnishes my paycheck or sends people with guns to take me away and put me in a cage.

    If I don’t want to buy something, I don’t have to spend my money on it. Nobody cares.

    It’s a lot different.

    The Great Pumpkin says:
    January 14, 2016 at 11:37 am
    You pay me indirectly. No different then paying taxes. Every time you buy a product, it impacts the rest of the economy.

  48. The Great Pumpkin says:

    Agreed! You have to start somewhere. Bernie is really the option if you are truly trying to fix the govt and get the goldman sachs type out from controlling it. Bernie tells you straight up that he is going after wall st corruption. Anyone that complains about corruption should be voting for him. He’s not lying either, his track record says so. He isn’t saying bs to get elected. He is truly trying to fix the corruption. He loves America.

    Libturd supporting the Canklephate says:
    January 14, 2016 at 11:52 am
    “because if their impression that she is the most “electable” of the candidates, and they are afraid to risk a sure score (Cankles) by holding out for their true love who may leave them with blueballs (Sanders) by losing the election.”

    I disagree. It has been displayed in every poll that pits Sanders and Clinton up against the Republican candidate, that Sanders would perform much better. The Dem’s still have a hard on for the President that always had a hard on. Can’t wait for Bernie to take the lead and then listen to all of the Dems claim that anyone who is against him is anti-semetic. Much like I used to be a racist, then I became a misogynist.

    Bernie should win alone for two reasons. He is not owned. His primary position is to close the income gap. You can successfully argue that he won’t be able to get anything done, but we simply have to start somewhere. By mid-term elections, you might see a lot of the two party candidates taken out by outsiders.

    And let’s not forget. Bernie did not vote for the Gulf War II.

  49. The Great Pumpkin says:

    Yes, sure, you just forgot one thing……you need to live. Try doing that without buying anything.

    D-FENS says:
    January 14, 2016 at 12:40 pm
    If I decide not to pay the tax man, he garnishes my paycheck or sends people with guns to take me away and put me in a cage.

    If I don’t want to buy something, I don’t have to spend my money on it. Nobody cares.

    It’s a lot different.

    The Great Pumpkin says:
    January 14, 2016 at 11:37 am
    You pay me indirectly. No different then paying taxes. Every time you buy a product, it impacts the rest of the economy.

  50. D-FENS says:

    Yeah sorry, I forgot all about that. Thank you so much. You are so smart.

  51. FKA 2010 Buyer says:

    3rd World Problems: receiving any type of mail from an American financial institution (indication of wealth) can get you kidnapped. Wish I could have the cc offers sent there.

    Luxury-Home Market Seen Threatened by Scrutiny in N.Y., Miami

    For luxury-home developers and brokers in Miami and Manhattan who are already contending with slumping prices and slowing demand, the U.S. government’s decision to start scrutinizing all-cash buyers was more bad news.

    The Treasury Department’s Financial Crimes Enforcement Network said Wednesday that it will seek out the identity of individuals behind limited-liability companies that pay cash for high-end residential real estate in Manhattan and Miami-Dade County. Starting in March, title insurers will be required to name the true “beneficial owner” behind the anonymous entities, FinCen said in a statement.

    FinCen is concerned that such opaque deals — used by wealthy investors seeking to avoid the public gawking that comes with buying expensive property — may also be made by people attempting to hide assets and launder money, according to the statement. By casting such a wide net, the new disclosure rules may discourage legitimate purchases and further damp interest in high-end sales in the two markets, which are already bracing for a slowdown.

    It’s a killer for Miami — not because we’re afraid of drug buyers,” said Related Group of Florida Chief Executive Officer Jorge Perez, the billionaire developer known as the state’s “Condo King.” “You have to remember that a lot of wealthy people, particularly in South America, are very, very shy about disclosing their wealth.”

    http://www.nationalmortgagenews.com/news/compliance-regulation/luxury-home-market-seen-threatened-by-scrutiny-in-ny-miami-1069834-1.html?site=default_on&utm_medium=email&ET=nationalmortgage:e5913614:4504474a:&utm_source=newsletter&utm_campaign=origination%20news-jan%2014%202016&st=email

  52. The Great Pumpkin says:

    I’m not trying to be snarky or a know it all. I’m seriously coming from a position in which I’m trying to point out something that you might not see. Just trying to open your mind to another view. I see too many people concentrate their hate towards govt, when this hate should be directed at scumbags in the private sector. Use govt as a tool by electing people like bernie to take these clowns on. It’s the only way. Instead, people latch on to losers like Christie that blame govt employees for their problems. It works, I guess why the politicians do it. Divert your attention away from the real criminals. Why didn’t one person go to jail for 2008 crashing of our economy? Not one, why? They own the govt!! Yet, we are worried about a detective using his patrol car to go on dates. I have bigger fish to fry. Worry about detective scumbag after you take care of the bigger fish.

    D-FENS says:
    January 14, 2016 at 12:52 pm
    Yeah sorry, I forgot all about that. Thank you so much. You are so smart.

  53. The Great Pumpkin says:

    Exactly what I’m talking about. You have no idea what these people even make or have. They hide it all. Why can’t a regular worker do the same? Instead they are forced to pay taxes before they even get their money. There is absolutely no way around dodging the taxes for a regular worker.

    “It’s a killer for Miami — not because we’re afraid of drug buyers,” said Related Group of Florida Chief Executive Officer Jorge Perez, the billionaire developer known as the state’s “Condo King.” “You have to remember that a lot of wealthy people, particularly in South America, are very, very shy about disclosing their wealth.””

  54. Ragnar says:

    Bernie would probably turn all of America into Montclair. Except there won’t be as many suckers available to pay for it.

  55. Libturd supporting the Canklephate says:

    Placenta for all!

  56. Juice Box says:

    Cool winter hurricane.

    Call it Wintercanemageddon if it hits NJ

  57. The Great Pumpkin says:

    Let me show you the other sign of the coin. Your hero’s (leaders of big business) find a sucker every day. They get people to work for almost nothing compared to the profit these workers help create. Who’s paying who? I would think the workers are paying a lot more with their time (also wear and tear on their body) to help pay their boss. After they are done paying their boss with productive work, they get a little crumb back in return. So who is really paying who?

    Ragnar says:
    January 14, 2016 at 2:05 pm
    Bernie would probably turn all of America into Montclair. Except there won’t be as many suckers available to pay for it.

  58. The Great Pumpkin says:

    58- Of course, you will defend this to the end. It’s fair right? They are just stupid workers, right?

  59. Ragnar says:

    Pumpkin,
    Before you answer yourself again, how about answer this question.
    What do you think the average real return on invested capital in corporate America is?
    Use CFROI as the measure.
    You’re a senior financial analyst so it shouldn’t be too difficult for you to provide a ballpark answer.

  60. nwnj3 says:

    In liberal weenie news of the day, they now want to outlaw the “airball” chant in Wisconsin. I guess censorship on college campuses wasn’t enough, they are looking to indoctrinate kids even sooner.

    http://www.nytimes.com/2016/01/15/sports/air-ball-chants-become-a-high-school-cause.html

  61. Libturd supporting the Canklephate says:

    61. Just wow! The pussification of America continues.

  62. The Great Pumpkin says:

    60- Thumbing thru all Fortune 500 companies cash flow statements be done in a few years

  63. Juice Box says:

    re# 62 – Some are fighting back. The suspended kid did at least.

    https://twitter.com/AprilGehl24/status/684025765642563584

  64. nwnj3 says:

    Isn’t blumpkin a financial analyst? If so, this fact pretty much supports my opinion of him:

    “34 percent of youth with no college experience scored at least as high as the average of employees currently in a financial analyst role”
    https://www.linkedin.com/pulse/mind-skills-gap-just-outdated-hiring-practices-screen-judith-rodin?trk=pulse-det-nav_art

  65. Libturd supporting the Canklephate says:

    Nice volatility in the stock market lately. I wonder how many people sold yesterday?

  66. jcer says:

    63, Pumpkin it is about 12%.

  67. The Great Pumpkin says:

    This writer can blow me. Yes, go hire non-college educated individuals for my job and watch my company go up in smoke. There are different grades of financial analysts. I’m basically a corporate accountant. My co-worker started around the same time as me, has the same title, but makes about 35,000 less than me (not including bonus). Just because my co-worker has the same title, doesn’t mean we do the same job. Titles are bs these days.

    My company doesn’t just hire anyone with an accounting degree. They are extremely picky and you better have a crap load of experience.

    nwnj3 says:
    January 14, 2016 at 3:04 pm
    Isn’t blumpkin a financial analyst? If so, this fact pretty much supports my opinion of him:

    “34 percent of youth with no college experience scored at least as high as the average of employees currently in a financial analyst role”
    https://www.linkedin.com/pulse/mind-skills-gap-just-outdated-hiring-practices-screen-judith-rodin?trk=pulse-det-nav_art

  68. The Great Pumpkin says:

    I’ll take your word for it. Too much time is needed to find the data to plug into the equation.

    It’s just like the guy on here asking for me to create a report on the pension. In order to create this report, I need a lot of data that I don’t have access to. Do you know how much this report would cost if you had to hire someone to create it? I’ll let him think I’m a joke, rather than go through the trouble of creating that report for nothing.

    jcer says:
    January 14, 2016 at 3:24 pm
    63, Pumpkin it is about 12%.

  69. jcer says:

    69, you can find reports by mckinsey or bain, pretty much any of the snake oil salesman doing consulting.

  70. The Great Pumpkin says:

    They def are trying to shake the tree with fear. Sell it all, says the guy trying to buy discounted shares from you.

    Libturd supporting the Canklephate says:
    January 14, 2016 at 3:17 pm
    Nice volatility in the stock market lately. I wonder how many people sold yesterday?

  71. The Great Pumpkin says:

    damn it, my baby in the otc will have to wait a little more. I thought it would be this month, but will have to wait a little more. Just want to make it clear, I am in no way advocating people buy this. I am not pushing anything, I am just showing you that this batter in a can is not a joke, and has legit shot at making it. This is from the 8k released today.

    “Item 8.01 Other Events

    In the 4th Quarter of 2015 the Company sent out samples and pricing of Nate’s Homemade Pancake and Waffle Batter to a diverse group of retailers and distributors. The feedback was that the product is great, but the price is not competitive and the size of the can is not kid friendly. In addition, the majority of retailers expressed interest in a wheat based product that was not gluten free.

    To address the retailers concerns, the Company has redeveloped the product to be competitive in its ingredients, packaging and marketing.

    1. Offering a less expensive, “wheat based version” formulation, with the same flavor profile as the previous formulation. A gluten free formulation is still available for retailers who express interest. The cost savings is 70%.

    2. Switched to a non-custom smaller can 55×154. Production of the 55×154 cans are available monthly by CCL container in the millions. The cost savings is 85%.

    3. Eliminated the shrink sleeve label, which required extra labor to sleeve the cans, and moved to printing directly on the cans. The cost savings is 40%.

    4. All of these cost savings will lower the retail price by 50%-80%, and will initiate more impulse and first time buyers.

    5. Moving to a can size that is more kid friendly will open up new marketing opportunities, as well as merchandising options on the store shelves.

    7. Multi flavor packs are in development for box stores that will offer competitive pricing.

    These changes prevented Nate’s Homemade from launching at the end of 2015. All materials and packaging is on order for new size. ABCO is refining the production line to accommodate upwards of 6,000 cans per batch. The goal is to be in production with these changes in 60 days.

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.”

  72. Ragnar says:

    Historical CFROI is about 8-9%. In the marketplace, competition takes profitability down to not much above the cost of capital. Rubes like punkin thinks there’s some huge pile of excess profit that can be redistributed by Santa Marx, but it’s just an idle fantasy, like imagining you can get rich buying lott0 tickets.

  73. The Great Pumpkin says:

    Then how do you explain all the billionaires? Not much above the cost of capital is a joke. If you want to make 10 million, and your current job pays 500,000 a year, how long would it take? Now based on your logic, how do we have so many billionaires? How do you make a billion dollars in a lifetime, never mind like 10 years like these guys do. Yes, their capital barely creates profit…..sure.

    Ragnar says:
    January 14, 2016 at 5:01 pm
    Historical CFROI is about 8-9%. In the marketplace, competition takes profitability down to not much above the cost of capital. Rubes like punkin thinks there’s some huge pile of excess profit that can be redistributed by Santa Marx, but it’s just an idle fantasy, like imagining you can get rich buying lott0 tickets.

  74. chicagofinance says:

    Most “financial analysts” are glorified accountants and/or bookkeepers. When I was in treasury at AT&T, we had people from all over the company come to us to get the “approved hurdle rate”, which varied by division and project. You should have seen some of the senior guys try strong arm us little boys, because our blended equity/debt rate was too high for their ambitious tastes……we implied without saying it; maybe your fcking projects are combo boondoggles and resume fodder with no robust economic business case……like building cell towers in Siberia…..

    restated: most people just assume a hurdle rate because you could blow months on that one fine detail….I am sure The Pumpkinator has been making implicit assumptions for years without appreciating the impact of this oversight….

    Ragnar says:
    January 14, 2016 at 2:35 pm
    Pumpkin,
    Before you answer yourself again, how about answer this question.
    What do you think the average real return on invested capital in corporate America is?
    Use CFROI as the measure.
    You’re a senior financial analyst so it shouldn’t be too difficult for you to provide a ballpark answer.

  75. Ben says:

    Then how do you explain all the billionaires? Not much above the cost of capital is a joke. If you want to make 10 million, and your current job pays 500,000 a year, how long would it take? Now based on your logic, how do we have so many billionaires? How do you make a billion dollars in a lifetime, never mind like 10 years like these guys do. Yes, their capital barely creates profit…..sure.

    They start a company, run it, show some profits, go IPO, and then rely on the senior financial analysts to pump it to 5 times its true value prior to selling.

  76. leftwing says:

    72. “These changes prevented Nate’s Homemade from launching at the end of 2015.”

    So basically your pink sheet pump and dump missed its deadline because of fundamental errors in packaging, printing, and pricing. Nice.

    I agree. Great buying opportunity. I am now more firmly convinced than ever that you should use this opportunity to take your investment up by $25k.

  77. D-FENS says:

    I believe the content of Michael’s post in comment 72 is grounds for a permanent ban.

  78. Ragnar says:

    D-FENS, but he prefaced his idiotic pumping with a disclaimer!
    Whining about businesses then pumping a diabetes shortcut in a can.

  79. relo says:

    61:

    In HS I had this English teacher who disliked me and the feeling was quite mutual. He attended one of our basketball games, after which he dubbed me “air ball” for the rest of the school year. While it didn’t make us the best of friends, it did give each of us a good laugh for the rest of the year.

  80. The Great Pumpkin says:

    I get it. I’ll try to make everyone happy. I’ll stop posting.

  81. Marilyn says:

    We will see you tomorrow Pumpkin !!! I sold the god darn growth fund. I know, I was a sheep. I just could not handle that this darn portfolio was so stock heavy and mutual fund heavy after I bought the house in Raleigh. It was like 78 / 20 So I got a plan from Dad at least, he listed 6 bond funds w/ the money from the growth fund and Pumpkin I need you here. I need you to call me a sheep so I don’t do any more damage. I never thought I would have pumps be better than my stupid vanguard advisor!!! See you tomorrow!!!!

  82. Marilyn says:

    84 poor thing.

  83. Marilyn says:

    im here for the abuse. Pumpkin I just mention Raleigh and you abuse me. The difference is I love the abuse from you.

  84. Marilyn says:

    Shit back to red tube.

  85. Comrade Nom Deplume, back at sea level says:

    [88]. Marilyn

    P0rn at 4 am? TMI on so many levels

  86. Marilyn says:

    89. HAHA, call me!!

  87. Marilyn says:

    89, I got a better idea, im up early, do you have a cordless phone and a crawl space?

  88. Marilyn says:

    wow I thought about that, and im really out of the loop, cordless phone.

    Yep, I never bought a cell phone. Not even a track phone.

  89. Marilyn says:

    Good thing Im last, your the only one who comes back and reads this COM. I guess I ought to suck it up and donate to grim now. I mean I just sold that growth fund and he is putting up w/ this garbage.

  90. Marilyn says:

    com, im good for at least a few more days. I did the bribe opps donation.

Comments are closed.