5/21/2010

Banking isn't Boring



Syracuse University students greeted banking graduation speaker with a blow up doll today.
Merkley-Levin Amendment summary (as it remains) in the Reform Bill:
1. Bank traders can no longer act like hedge funds.
2. Financial firms will not be able to bet against their own customers.
3. Banks will still be able to securitize loans.
4. Banks will be able to hold clients money but not use bank funds.
   Goldman, JPMorgan, and others will have time to sell off these accounts/
   Divest of accounts they managed with bank dough.
5. Non-banks can gamble, trade, and bet against their own customers, but they must create cash accounts against their speculations.

The Germans no more “nakedshorting”  (gambing of short selling bank stocks without having cash in an account to cover) badly spun the stock market by surprise yesterday.
Germany came out today with approving a huge bailout program for the weak members of the EU, this calmed our stock market fears a little.

So will the banking reform bill be a ping-pong match in the coming weeks?





5/19/2010

Trash Burning At Pelican Hill





Newport Beach Fire Department responds to fire in
Trash Truck at the Arches of Pelican Hill.













Under the elegant and posh massive arching gates (created to imitate Roman aqueducts or grand Italianate structures) a fire started inside the belly of the trash pickup. Garbage was strewn all over the street, which was blocked by numerous fire trucks that responded. I’m surprised the event was not reported in the O.C. Register, as the smell could be detected from the top of Newport Coast. The odor of rotting and burned junk- not what Newport Beach real estate needs today…The good part of the morning’s event was seeing those handsome Newport Beach firemen working with great care to douse the smoldering flames. It is assumed someone packed fireplace ashes in their Hefty bags.

5/18/2010

Lancaster Community Hospital Kicks a Man who can't move to the Curb

Al Smith is not famous; he is a nice guy who came upon hard times. Al is homeless and went to Lancaster Community Hospital last week when he had weakness in his legs. The hospital performed surgery on Al and they say they removed a cancerous tumor on his spine. Al walked into the hospital and now is a paraplegic. Lancaster Community hospital Director Bob Trautman is unavailable for comment as the hospital plans to kick this man to the curb (who can’t walk, can’t eat, and can’t release his own bowels.)


I know Al because he did some work for me a year ago. Al is a quiet person who would not complain. Hospital personnel told him the have a social worker processing his Medical, but it is not completed for an unknown reason. I asked the hospital receptionist would she treat her dog this way?

No shelter will take him because the amount of care he needs ( he has numerous tubes in and out ) is far beyond their means.

5/16/2010

HOME OWNER ASSOCIATION Run just like Peoples Republic?


Home Owner Associations wield sole absolute power over residents. Is the Owner of K. Pacific a parallel to Hu Jintao of China?

     Laguna Niguel was originally planned by developers who turned over the maintenance of landscaping, pools, and a variety of open areas to owner run ‘Associations’.  There is no uniformity or legal sameness in the original written ‘Charters’. The first Home Owner Associations were often run by well meaning residents who were unpaid.  Associations collected large sums of money and faced the whining and complaining of a small few. Early do-gooders moved out of those positions after learning it was far easier to lay low and avoid pettiness. Associations hold elections, which often the majority owners never voted in new officers (in some complexes the process vague or difficult). From this grew a new crowd of Boards, cropped with their own agenda. It is not accidental that the guy whose brother owns the largest landscape contractor in the County or the Construction Roofing/decking Corporation gets the seat on the Board. Some Associations later turned accounting over to professional management companies because of fraud, bad math practices and lawsuits.  There is no legal licensing requirement to run a HOA. Some have completed classes on the legal aspects of HOA’s. There are two California organizations, which provide newsletters and informational support.
   Still today, secret contracts are granted to the buddy in the business in the millions of dollars.  An Association will have rules, CCR’s Budget and Bylaws but each complex will has separate rules, which may or may not be followed. There is no uniform enforcement but by the professional management company who can arbitrarily decide permits and file legal actions without cause. And who foots the legal bills? Answer: every resident in the tract.

   Residents of Mission Hills community are currently outraged by the removal of 328 trees for a cost of nearly fifty thousand of their hard earned dollars. The Management Company and the Association seem unavailable for comment. By the next Board meeting date, the trees will already be cut to the nub. Someone might say Eucalyptus gum trees aren’t native. They are fast growing trees that are a fire hazard, fall hazard and whose leaves and trunks are so toxic that they cannot be burned without a toxic hazard permit. I had a full grown Eucalyptus fall on my car at my office (thanks Koll Company who had 3 felled trees in same lot over seven months- Koll Co. claims to not be responsible for their deferred maintenance. I asked them to post a sign saying the trees are a hazard to life and limb- they did not). Others in the community like the privacy or the sounds of rustling winds through the branches. Still more will complain that now the Board has removed the habitat for possums, coyotes and critters we are seeing more of these now disturbed in the canyon and as road kill.
   So why does only one family want to speak with the Orange County Register when they all are complaining in their front yards?  Is it fear of the big bad Board?  Perhaps the Homeowners go to the next meeting and say, we aren’t paying the unauthorized fifty thousand dollar bill?
  Don’t worry, there will be another lawsuit. Only the lawyers appreciate apartheid life behind the Orange Curtain. Buyers beware before you buy in an HOA.  Condominium Associations in all the sand states are far worse; some have no fire insurance policy for the community building.