Friday, October 01, 2010


Ex Wall Street honcho Harry Wilson, the Republican candidate for state comptroller, was a partner in a firm that invested millions in the nation's toxic subprime mortgage market.

Why does the above sentence have to be in the Daily News today? Why???
Because these are the people who step up when the call to run screams out each year. That's why.

The DN goes on to chide him for his recent comparison of the subprime mortgage catastrophy and the prospect of a pension crisis in New York State. The pension is controlled by our state Comptroller.

Accredited Home Lenders is one of the firms America loves to hate primarily for their substantial role in the subprime lending fiasco. Silver Point Capital, of which Wilson has been the lead hedgefund manager is/was 10% deep and they all knew what they were doing. Is there any question why the first sentence appears in the paper?
Get this, the DN has a quote from one of AHL's surrogates saying even though Wilson was a controlling partner, he had no idea that this bundling process was happening. I have friends who are fans of Harry and willing to help his campaign who are are also troubled by this kind of feigned ignorance.

Rather than get into a fistacuffs like Paladino, incumbant Comptroller Tom DiNapoli has chosen not to comment on Wilson's fast & loose manipulation of American Mortgages for his and his collegues profits. Until the metdown in 2008, AHL accrued almost $30 million in the high-risk bundling game.

Daily News went on to expose what we already knew regarding the firms focus on minority borrowers to which they accrued just shy of 3million shares. This of course a portion of the $2 billion in Silver Point Holdings.

When I think about just how fragile our economy and financial system really is and who is knocking at the door to take control of these regulating institutions, I become fearful of what the outcome this November will yeild. 

DiNapoli, has his own issues to contend with beyond the task of maintaining our state pension funds. We are in no way "out of the woods" on this one. The financial crisis has and continues to be the biggest challenge for any state Comptroller and Tom has handled it as well as expected from any professional. 

With such a serious choice ahead, I am reminded of the old addage "Better the Devil You Know". Where as in this case, the public servent who has weathered the storm thus far.  Study up people!


Anonymous said...

Your points are well taken.DiNapoli has proven to be a steady hand at the helm in a very difficult financial marketplace. He deserves a full term.

Anonymous said...

Mike, you are out to lunch on this one. Dinapoli has absolutely NOOOOO clue. He was an Assemblyman who was put into the job to make sure they could control that entire branch of government. His performance in office is costing the taxpayers in Ulster County at least 5 million this year in additional pension costs. I say, lets give a wall street guy the chance to use some of that majic for the taxpayers. It cant get any worse than it is with this fool who was appointed by Shelly and the good ol boys.

Anonymous said...

Mike... I like you a lot, but anyone who has been in the Assembly for the last 20 years is not my first pick for anything.

Anonymous said...

Will DiNapoli investigate the Chamber of Commerce's purchase of a Board Member's property? Didn't Todd do this with the UC Jail?

Anonymous said...

Wilson came off as arrogant and snarky during the debate. Although, as stated, DiNapoli has been in Albany in a different capacity for a while, that should not be the only test we set for our candidates. It should be how they perform their jobs.
Tom has done a good job during some of the toughest periods in recent New York history.
The label of Wall Street insider isnt one that I'd be wearing any time soon. You stick to your support of DiNapoli Mike. I think we're in good hands.