David Saks: Oh Danny Boy, the Pipes Are Calling

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Oh Danny Boy, the Pipes Are Calling

                                            danny

It's 100 degrees in Memphis. A hot day. You can see the mirage on the asphalt on the avenue. Stray canines looking for a cool drink of water. Nobody walking down the street. All the car windows up and the air conditioners on. It's dog day July in the Delta, and the local daily newspapers and business journals are crammed with foreclosures and bankruptcies. I guess everything is local, huh?

I just helped a childhood pal move furniture, appliances clothes and other stuff into his new digs in this blistering heat, and up two flights of stairs at that (poor guy's a recent divorce victim after twenty years of bliss). Lost a beautiful home in the dissolution. She left him for a cowboy. He's a doctor. And can you believe it, I'm drinkng coffee???

Oh well, life goes on. And that brings me to the next thing which I just can't get out of my mind.

I remember something Dan Mudd, Fannie Mae's boss, said on Elvis' birthday early this year.

Danny Boy said that, "....the mortgage crisis and its effect on the housing market will be a drag on the entire U.S. economy until 2010. It is clear that there is no single magic bullet. The most effective steps, historically, are solutions that buy time to restore normal housing supply and demand."mudd

Whew, is that an understatement ?

Dan made these comments at a conference of the U.S. Chamber of Commerce on January 8th.

Eight months later more serious thoughts are surfacing and the government is taking what he said seriously, in addition to an unprecedented opportunity to capitalize on a durn good bargain.

By the way, Danny took a fifteen percent pay cut in December of 2007. He received $12.2 million in total compensation last year, down 15 percent from 2006, the government-sponsored enterprise said on January 3 of this year. Mudd's pay included his $990,000 salary, a $2.23 million bonus and a $9 million "long-term incentive" award.

Anybody want to make a prediction?




David Saks



Time&Temp Memphis

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Comment balloon 9 commentsDavid Saks • July 15 2008 08:37PM

Comments

I am sorry David, but that cursor thing completely distracted me, I don't even know what your point was.....sorry....

Posted by David M. Childress, I would love to be your Realtor® in Akron Ohio! (Howard Hanna Real Estate Services) about 12 years ago

Dear David,

A couple of things:

1. Ignore the last guy, the cursor was fun.

2. You think 100 is hot... It was 105 in Austin and once you factor in the heat index and humidity it felt like 113, now that is hot.

3. I am sorry to hear about your friend the doctor.  Getting dumped for a 'dude' after 20 years is inconceivable!

4. Most striking was you were drinking coffee in 100 heat while moving!?!?! Your buddy should have at least bought some cold beer or water! Yikes. I am glad you two survived the ordeal.

5. Danny Mudd should be  thrown in the clink for taking that kind of compensation. He is a highway robber. No wonder Fannie and Freddie are in the toilet right now! Geeze!

Good luck!

Betina


PS. I want to know how to make my curser look cool like yours. Help me?!

Posted by Betina Foreman, Realtor, C.N.E., with WJK REALTY (WJK Realty) about 12 years ago

I too like those curser tricks.  How on earth do you do those things?

Posted by Barbara S. Duncan, GRI, e-PRO, Executive Broker, Searcy AR (RE/MAX Advantage) about 12 years ago

No need to be sorry, Mr. Childress. Thanks for your comment anyway. I can't make everybody happy, nor concerned with whether I do or not.

If it's not a widget it's the music. If it's not the music it's the cursor. If it's not the cursor it's an animation. If it's not an animation it's something else a reader objects too.

It comes with the territory. Have a fine week and please come back when you can deal with the bells and whistles. Your always welcome.

Posted by David Saks ((retired)) about 12 years ago

I thought I was tough on Dan, Betina, but I think you win in that category. Good to hear from you and thanks for your comments.

BTW, a magician doesn't give away his secret. :-)

Posted by David Saks ((retired)) about 12 years ago

I know you'd never believe that I got the cursor from a mail order catalog, Barbara :-)

Posted by David Saks ((retired)) about 12 years ago

David, you are a very good writer and your invitation to come back was appreciated. (I just parked the handsome cursor in a corner, I am over 50, but I can adapt)

I, too, have had friends lose their homes and it is very sad, as you stated. The news lately is a little scary and I hope Treasury and the Fed get a handle on it. I don't see how that sort of compensation for Mudd helps anything, including our confidence.

I read yesterday the SEC is looking at new rules and severe penalties for anything like Shumer did to IndyMac and Wall Street did to Bear Stearns. We cannot take any more hits. Good luck to you.

 

Posted by David M. Childress, I would love to be your Realtor® in Akron Ohio! (Howard Hanna Real Estate Services) about 12 years ago

First, I'm honored by your compliment, David, and I'd like to extend my appreciation. Additionally, thank you for returning and tolerating the cursor.

The news is, indeed, chilling.

Wall Street, per se, wasn't as rresponsible for Bear Stearns woes as greatly as two senior managers of failed Bear Stearns hedge funds, who were charged with conspiracy, securities fraud and wire fraud.  An indictment alleges that the managers, Ralph Cioffi and Mathew Tannin, marketed two hedge funds as a low risk strategy, backed by a pool of debt securities including mortgages. The indictment alleges that by March 2007, Cioffi and Tannin knew that the funds were in grave condition and at risk of collapse, but made fraudulent misrepresentations to stave off investor withdrawal. The funds subsequently collapsed in the summer of 2007 resulting in approximately $1.4 billion in losses to investors. Cioffi was also charged with insider trading.

One of my best friends during my college years, Tom Flexner, was the vice chairman of Bear Stearns at the time of the failed hedge funds. Tom joined Citi Institutional Clients Group and is now the Global Head of Real Estate. His integrity is unquestionable. His father was the chair of the Department of Economics at the University of Memphis and he was President Kennedy's economics advisor to the Korean Government. I spoke with him recently and, thankfully, many were able to move forward with optimism and confidence.

It's true, that one monkey can stop the show. Or two, I might add.

Posted by David Saks ((retired)) about 12 years ago

David, thank you for the update...I was going by a well written article in this months Vanity Fair. They stated that Bear Stearns had over $1 billion in cash before all the runs were made, based on false CNN Money, etc info. Those talking heads should be stifled, IMHO, of course. Than you for the info.

Posted by David M. Childress, I would love to be your Realtor® in Akron Ohio! (Howard Hanna Real Estate Services) about 12 years ago

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