Perhaps in the future, silver-legged secretaries will answer the phones, stainless-steel fingers will clack away at keyboards, and Manhattan’s workforce will have been completely supplanted by robotic counterparts who work faster, smarter, longer and cheaper than their human predecessors.
For now, though, most buildings are still stocked with actual flesh-and-blood employees who take long breaks, complain and sometimes confuse their assigned tasks with internet shopping.
The property at 375 Pearl Street, a towering skyscraper in Lower Manhattan at the foot of the Brooklyn Bridge, won’t be one of them. After buying the building out of foreclosure last year, its developer is taking a brave leap into the future.
Libor-ated: U.S. prosecutors are preparing to file criminal charges this fall in the Libor-rigging scandal, and employees at more than one bank are said to be implicated, Bloomberg reports. (Earlier in the week, John Carney looked at what types of criminal charges might be filed, and writes that decades-long sentences could Read More
This Old House
Bank of America appears to be renegging on its vows to engage in “day-to-day, hand-to-hand combat” with its clients over so-called putbacks of allegedly faulty mortgage securities. The Wall Street Journal reports that rather than engage in legal jiu jitsu with heavy hitters like BlackRock, Pimco and Freddie Mac, Bank of America Read More
drops in the bucket
Governor David Paterson today announced that BlackRock, the world’s largest asset manager, has promised to have 1,530 New York jobs by the end of this year and add another 200 New York jobs over the course of 2011.
By way of comparison, the New York Department of Labor says that the Read More
Bank of America, the nation’s largest bank by assets, is planning on substantially trimming its investment in BlackRock, the biggest publicly traded money manager on the planet.
In an announcement, BlackRock said that BofA is selling 34.5 million shares, and PNC Financial is selling 7.5 million shares. The New York Times Read More
This Old House
Following recent reassurances from three of the nation’s largest banks that the foreclosure paperwork kerfuffle won’t wreak balance-sheet havoc, Bloomberg reports that three huge players in the world of finance are saddling Bank of America with putback requests.
Bond-market titan PIMCO (“the authority on bonds”), private-equity giant BlackRock and none other than the Read More
If the saga of the Stuyvesant Town-Peter Cooper Village sale is a countdown clock-the $5.4 billion purchase by Tishman Speyer and BlackRock is nearing default-there’s a loud ding every few weeks in the form of a new analysis by a real estate tracking firm.
Each shows a fresh, dismally depressed value for the property ($1.99 Read More