More with real estate/corruption: WOnder if Nancy P’s husband or Rahm E brother was involved?????
FROM
http://www.nytimes.com/2009/02/07/business/07properties.html?_r=3&pagewanted=1&emc=eta1
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In 2007, Sam Zell, the billionaire Chicago investor, sold a portfolio of 573 properties he had assembled over three decades, Equity Office Properties Trust, to the Blackstone Group for $39 billion. It was the largest private equity deal in history, but Blackstone did not stop there: it immediately flipped hundreds of the buildings for $27 billion
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investment banks that financed them. If the owners cannot make their loan payments, it could create a financial crisis for the pension funds, hedge funds and insurance companies that hold securities based on Equity Office mortgages.
The list of Equity Office buyers reads like a Who’s Who in American real estate. In Stamford, Conn., RFR Properties, a partnership headed by Michael Fuchs and Aby Rosen, who owns Manhattan landmarks like Lever House and the Seagram Building, spent $850 million to buy seven Equity Office buildings that analysts say are now worth less than their mortgages.
In Los Angeles, the founder of Maguire Properties, one of the largest commercial landlords in Southern California, was forced to step down last year as the company struggled with crushing debt from buying 24 Equity Office buildings.
And in New York, the real estate mogul Harry B. Macklowe lost seven Equity Office towers he bought from Blackstone, along with much of his empire, after he was unable to refinance the $7 billion in short-term, high-interest debt he used to buy them.
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Mr. Zell, who became chairman and chief executive of the Tribune Company after selling Equity Office, amassed his supersize real estate portfolio over many years
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Blackstone’s purchase of Equity Office in February 2007 began a series of other record-breaking deals in Stamford; San Francisco; Portland, Ore.; Orange County, Calif., and Chicago, as Blackstone quickly sold about 70 percent of the portfolio to 16 other companies. The company still owns 105 Equity Office properties.
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STOLEN , it’s the Chicago way! Keeping it all in one place.
MR. BURRIS: Thank you all of the media very much. You all have been very kind to me and my staff and we really appreciate your professionalism.
This morning, I had a great meeting with Majority Leader Reid and Majority Whip Durbin. And in that meeting, we discussed quite a few things. But I had an important phone call before I went to that meeting, and that phone call was from my friend, President — Former President of the United States Jimmy Carter. And we chatted very briefly and he indicated to me to just tell everybody I said, “When you’re in the Senate, Roland, you will make a great senator.” And I said, “Thank you very much, Mr. President.”
And of course that gave me a little edge, even going in to meet with my good friend and fellow colleague Dick Durbin, who I’ve known for years. We’ve campaigned up and down Illinois for many, many years, and watching all those parades and stepped on each other’s toes and got pushed over by a few anxious people.
And, of course, I met Majority Leader Harry Reid for the first time. And he’s a very warm and charming gentleman. As a matter of fact, we have a lot in common. And we began to chat about that and about our families. And, of course, he was glad to hear, you know, about some of my upbringing and my family, my education and my experience. And most of all, Senator Reid was very glad to hear about my love for public service, my love for the 13 million people of the great state of Illinois.
And therefore, when we get these two matters — as you heard in his press conference — out of the way, the signature of my good friend, and I say my good friend — Secretary Jesse White — because we are friends, and of course my testimony before the impeachment committee tomorrow in Springfield, then we will proceed then to submit our documentation to the Senate.
And as you heard chairman — President (sic) Reid say, this will go to the Rules Committee, and they will then assess it and let me know what the outcome is.
So I’m very pleased this afternoon. I’m happy. My whole interest in this experience has been to “be prepared, Roland,” to represent my great state. And that is my love, that is my desire. And very shortly, I will have the opportunity to do that as the junior senator from the fifth-largest state in this great country of ours. Isn’t it great?
Thank you so very much.
Q Roland —
Q Just a quick question —
(Cross talk.)
MR. BURRIS: Yes — a couple of questions. A couple of questions. That’s all I can take.
Q Senator Reid and Senator Durbin did a 180-degree turnaround here, and went from totally opposing you to apparently supporting the idea of your filling this seat.
MR. BURRIS: And Jack, that you’d have to ask them, because all I know is when I sat down in that room with them, they were very — well, I’ve known Durbin for 30 years, but it was as if I’d known Senator Reid for 30 years. I mean, they were very warm, they were very charming. And so you have to ask them that question.
I don’t know what pressure they were under, but I guess they have to keep the integrity of the Senate. And they did not want to rush into anything and make a decision where they have to then be trying to reverse that, and that would even be worse than what this situation is that they were in before.
Yes, Lynn? Yes, Lynn? Lynn Sweet.
Q Thank you so much.
MR. BURRIS: Yes.
Q Towards that end, and I know one of the things they were interested in is your testimony tomorrow in the house impeachment committee.
MR. BURRIS: Yes.
Q And I think they do want to know what kind of contacts, if any, you had with Blagojevich. I’ve read the affidavit that you sent, but I have a question a little deeper.
I was under the impression that when — before Blagojevich’s arrest, that you did want to put yourself in play for an appointment. And if so — your affidavit said you had no contact with the governor — how were you putting yourself in play? Who were you talking to specifically?
MR. BURRIS: Oh, I was putting myself in play, Lynn, by friends from Illinois and across the nation saying, “Roland, what would you” — well, you know, “You want to be senator, or you ought to be senator,” you know, “What can we do?” My statement was, “Call the governor’s office, send an e-mail to the governor’s office, send in letters.” And they were doing that from all over the country.
And so I thought, you know, that that would raise some level of interest on behalf of my — (chuckles) — of my interest in the Senate seat.
And evidently it didn’t, because — (laughter) — because they didn’t even mention my name. I mean, I — I didn’t even show up anywhere. And I don’t know what they were doing with the names of the people calling in because one of my high-school classmates — by the way, I was in the class of ‘55, Lynn — and one of them called into the governor’s office, and she called back to my classmate in Centralia, my hometown, who had started this, and said, this lady said you’re the thousandth person to call in for Roland Burris. We know about Roland Burris. Somebody said that. (Laughs.)
Q Do you think that anyone, on your behalf, might have talked to — that — this wasn’t covered in the affidavit. Do you — I don’t think. Do you think anyone ever actually talked to the governor? Are you concerned that it might be with the wiretap? You know, the phone conversations that might surface —
MR. BURRIS: I have no knowledge of that, Lynn. And if they did, it’s — there was certainly no pay-to-play involved because I don’t have no money. (Laughter.)
Q Mr. Burris —
MR. BURRIS: Yeah, right here.
Q Mr. Burris?
MR. BURRIS: Yeah, I’ll be — yes, yes.
Oh, look — there’s a gentleman — excuse me — I just saw him. This gentleman is from Summerfield — Dick Barbour (sp), stand up. He’s from Summerfield, New Jersey. Dick, how many people did you e- mail across the country saying that Burris should be the senator?
DICK BARBOUR (SP): About a hundred. And I sent it to the press, including Chicago, New York, L.A. The press didn’t respond.
I’ve known Roland for 30 years.
MR. BURRIS: Thank you, Dick.
MR. BARBOUR (SP): Thirty years.
MR. BURRIS: Thanks, Dick. Thank you.
I’m sorry, go ahead.
MR. : We have time for one more question.
Q Mr. Burris?
MR. BURRIS: Yes.
Q One of the things that some Democratic officials have brought up as a deal to seat you would be a commitment from you not to run in 2010. Now, in your discussions with Mr. Reid and Durbin and their staff and the Democratic leadership, did you make any sort of commitment concerning the 2010 election? And specifically, did you make any commitment not to run for reelection?
MR. BURRIS: That is very interesting. I want to know where these — where this information come from. This wasn’t even on their radar screen. They hadn’t even brought it up. And I was getting these rumors about conditions. They weren’t talking any conditions. What Majority Leader Reid said at his press conference, that is exactly what took place. It didn’t come up.
Q So would you run for reelection in 2010?
MR. BURRIS: Well, now, let me get my Senate legs under me and get in and raise some money to pay for all this stuff we’ve been doing, and figure out that once we get in and get settled and learn where the — where the bathrooms are.
MR. : That was the last question.
Q So you haven’t made any commitment at all on that.
MR. BURRIS: I’m sorry?
Q You haven’t made any commitment at all.
MR. BURRIS: No, no, no. I have no commitment at this point.
Q Thank you very much. Thank you.
MR. : Thank you all very much.
MR. BURRIS: Thank you all, press. Thank you so much.