A first-generation American daughter of Puerto Rican parents, Priscilla Almodovar has a corner office with jaw-dropping views on the 45th floor of a Manhattan skyscraper—home to one of the most powerful banks in the world. The native of Sunset Park, Brooklyn, is working tirelessly to deploy J.P. Morgan Chase’s colossal balance sheet in the section of the real estate world she’s most passionate about: the less-than-glamorous but increasingly important affordable housing industry.
“I am exhibit A for the American dream,” Ms. Almodovar told Mortgage Observer during an interview at her office in January.
There is a long road ahead—that much is certain.
Mayor Bill de Blasio’s plan to create 90,000 new units of affordable housing and preserve an additional 110,000 units over the next 10 years will require the support of not only Albany and Washington, D.C., but also many of the real estate industry’s key players in addition to city resources.
We wonder… when Citigroup’s chief economist was looking for a condo, did he ask his broker: “Would you tell me please, which way I ought to go?”
And did the broker reply: “that depends a good deal on where you want to get to.”
That’s the Carroll quote that Willem Buiter started his attention-grabbing paper Alice in Euroland with. Why not his house hunt?
In the end, U.S. stock markets decided to heed the storm.
The New York Stock Exchange had planned to open trading electronically while shuttering its physical trading floor. “We are open for business and at the same time acting in accordance with actions taken by the city and state of New York,” said NYSE CEO Duncan L. Niederauer said in a release yesterday afternoon.
But NYSE reversed course last night, announcing it would halt operations completely. The exchange is closed today, and may close tomorrow, “pending confirmation,” according to a release.
Nasdaq is also closed today; “it is likely that the markets will be closed” tomorrow, the exchange said in a release.
Bond markets will open, but the Securities Industry and Financial Markets Association recommended that markets close at noon today.
We’re not sure that anyone ever believed that Vikram Pandit was acting purely of his own volition when he stepped down as chief executive officer of Citigroup earlier this month, whatever Mr. Pandit or Citi Chairman Mike O’Neill said—now there’s less reason to believe the official account of Mr. Pandit’s departure.
According to Jessica Silver-Greenberg and Susanne Craig at The New York Times, Mr. Pandit met with Mr. O’Neill on the day before he resigned, and presented with a choice between three already prepared news releases:
Politico got its hands on a copy of Greg Smith’s Why I Left Goldman Sachs, and published some excerpts yesterday. There’s an allegation that the bank advised clients to buy and sell stock options on European banks amid the region’s ongoing debt crisis, so that the firm could profit by taking the other Read More
Citigroup announced that chief executive officer Vikram Pandit was stepping down today. So the “king” is dead, or you know, getting ready for a little vacation. That doesn’t mean the rest of us shouldn’t speculate to what did him in.
1. We can buy what Mr. Pandit is selling (though no one really Read More
Vikram Pandit is stepping down as chief executive officer of Citigroup, and the executive who divested the bank’s toxic assets in the wake of the financial crisis is moving into the bank’s top job.
Citi said in a statement today that Mr. Pandit was resigning and that Michael Corbat, Citi’s head for Middle Read More
There was a funny thing that happened this summer, which is that Mr. Universal Banker Sandy Weill went on CNBC and said that the supermarket model of banking that he pioneered was a good idea at the time but no longer the correct thing, and everyone who was anybody weighed in Read More
Last month, we noted that former FDIC Chairman Sheila Bair had some choice words regarding Citigroup CEO Vikram Pandit in her new book, Bull By the Horns. After Citi said he was stepping down in a statement released today, Ms. Bair offered six more words to her assessment:
“This was a very positive move,” she said in an interview with Tom Keene and Ken Prewitt on Bloomberg Radio.
You can read her comments on Mr. Pandit from her book below.