Larry Silverstein asks for a bailout

[Bushknew]

Source: raw story


The rebuilding of the World Trade Center site, already hobbled by years of delays and infighting, is facing fresh problems as private developer Larry Silverstein asks the government for crucial financial assistance, according to people familiar with the matter.

The result would be that the Port Authority of New York and New Jersey, the government entity that owns the site, would take on more of the risk of the project at a time when the agency already faces budget restraints to pursue its core transportation and infrastructure missions.

The Port Authority, eager to prevent the project from stalling, is considering helping to finance at least one of Mr. Silverstein's planned three office towers, according to people familiar with the matter. Mr. Silverstein is requesting financing help on at least two of the three towers. The Port Authority would require concessions from Mr. Silverstein, including possibly giving up some of upside profits should the towers succeed in the long term.


Read more: http://rawstory.com/blog/2009/03/larry-silverstein-asks-for-a-bailout/

[JI7]

1. why not just call it welfare ?

they are asking for welfare .

[Politicalboi]

2. FUCK YOU Larry!

Investigate ask this POS why he said they "Pulled" WTC 7. He doesn't deserve a fucking dime. Obama better not give in to this. Let him dig into his own fucking pockets and the pockets of Bush/Cheney. Oh this just pisses me off more than anything else. Fuck You Larry. The sooner you leave this planet the better, and it can't be soon enough for me and I hope it's tragic. You SOB. They better not give any money before they re-investigate 9/11. This absolute BULLSHIT!

[pfitz59]

3. I want a bailout!

Give me some money. I'm as worthy as any of the Wall Street beggers!

[Swagman]

4. he never should have said "pull it!"

[aquart]

5. Here's the quote:

"I remember getting a call from the, er, fire department commander, telling me that they were not sure they were gonna be able to contain the fire, and I said, "We've had such terrible loss of life, maybe the smartest thing to do is pull it." And they made that decision to pull and we watched the building collapse."

What did you WANT him to say to the fire department commander? You have such righteous rage, what was the correct thing for the man to say?

[Name removed]

10. Deleted message

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[hugo_from_TN]

7. IBTD

[CLANG]

6. So it finally comes full circle

PIG!

[JDPriestly]

8. Didn't he get insurance money? Where did that go?

[Bushknew]

16. Mr. Silverstein used part of the insurance proceeds to pay back his and his partners'

In 2003, Mr. Silverstein used part of the insurance proceeds to pay back his and his partners' $125 million equity in the original 2001 purchase. An additional $563 million was used to pay off a mortgage on the Twin Towers. Much also has been spent on design and site preparation. Mr. Silverstein has less than $1 billion in insurance money left, said people familiar with the project.

http://online.wsj.com/article/SB123758929303200145.html#mod=rss_whats_news_us_business

[tomreedtoon]

9. To hell with a monument.

I say drag in some landfill, plant some grass and make the place a park. Far better than putting up buildings that the next generation of terrorists will just tear down. And nobody, especially not New York, will need a bunch of new offices for at least a few decades, with the way the economy is going.

Besides, the park can serve as a place for the millions of New York homeless families to live. I'd even suggest a fund to get them tents, toilets, showers and shelters built in the park. Rather than commemorate the greatest tragedy of our era, let's make it a place where impoverished people can find a place to sleep and raise their families. Hope instead of greed.

[Norrin Radd]

11. I have to join the chorus in telling Larry to go fuck himself.

[Jim Sagle]

12. Gotcher free lunch right here, Larry.

[No Elephants]

13. If the Port Authority owns the site and has the money to finance the building, why doesn't the

Port Authority just build the project itself instead of CONSIDERING asking him to give up SOME of the profits?

[KharmaTrain]

14. You Know This Is Where This Will Wind Up

The WTC "rebuilding" process has been a big boondoogle. There's still a hole in the ground and now with the economy...especially the commercial real estate sector going stale, not to add all the nearby investment houses that have gone bust, whose gonna lease? Truth is Silverstein never really got profits out of this and the financial collapse is taking him under. So be it. That's the gamble you take.

Eventually the Port Authority or the city will have to take the lead on this thing...just like the Empire State building provided a lot of jobs during the Depression with city and state money, this project could be a similar stimulus. But I don't see much happening for quite a while.

[No Elephants]

15. Having it happen sooner rather than later would be more efficient and less costly. The people of

NY and NJ should start clamoring. Let PA build it and take ALL the profits.

Silverstein got insurance money and, as you say, no one promised him a rose garden.

[goforit]

17. Silverstein is part of the murderous 911 mihop clan and should be be behind bars

for being an accomplice.

And by the way ....he also owns the Sears tower in Chicago that was just
coincidently RE-INSURED!!!!

[Bushknew]

18. What hutzpuh!!! or, how shameless!!!