The Afternoon Wrap: Wednesday

The huddled masses may be suffering, but rich people are still happy with the performance of their hedge fund and private equity investments, according to a Bank of America survey released yesterday. [AP via MSN]

A professor at the New York City College of Technology believes that the toxic Gowanus Canal may also hold a cure to combat the world’s diseases. [Gowanus Lounge]

The never-before-told story of how Richard Nixon finally found refuge at a townhouse on the Upper East Side. [City Room]

In a nod to community complaints about the sheer number of bikes locked outside of the Brooklyn Flea, organizers have introduced free bike valet service at the weekly event. It will be interesting to see how the critics who accuse the Flea of accelerating Fort Greene’s gentrification respond to a bike valet service. [Brooklyn Flea Blog]

Denis Kucinich, who is heading the congressional probe into the Yankees’ valuation of their land for the new stadium, told Democracy Now that “it’s quite possible that there are billions of dollars in tax benefits that should be going to municipalities [that] are instead being diverted for these private sports complexes.” [DDDB]

New York area home prices dropped 7.9 percent annually in May.[WSJ Developments]

We’ll let you decide whether this is a valid crowd sourcing experiment or plain old laziness: A prominent venture capitalist is crafting his speech for an upcoming conference at the Javits Center on a “wiki basis.” [City File]

The Afternoon Wrap: Wednesday