I got a kick out of Tyler Durden’s welcome of Marla to the Zero Hedge blog mainly because it reminded me of how Nowdy and I sometimes interact:
She pisses me off on a regular basis, but, as the only way to truly grow is through conflict, we all will benefit from her (twisted) perspectives.
Actually I think I piss off Nowdy on a regular basis but man o man has she grown over this past 19 months….;-)
Marla’s first post, like many done by my blog partner Nowdy was a hit out of the park. Is the SEC captured and toothless? You betcha!
In the annals of rank regulatory intercourse there isn’t much more severe debauchery than the distant history that is the BankUnited story. Yes, big bank failures have become so common that they seem to pass through the cycle news unnoticed, untapped and unexplored. The ugly girl on prom night. Attended to briefly, then discarded in the blinding haze of hangover blurred Sunday morning sunshine, a rueful shake of the head and the cursed oath never again to drink Jagermeister. Even the deep investigation into IndyMac seems to have joined the ranks of early morning beer goggle mistakes and is now attended by an endless chorus of “who cares” or perhaps “so what?” Last we checked the remnants of BankUnited were about to be acquired by W.L. Ross & Co., Blackstone Group and Carlyle Group. We wonder if some due diligence details haven’t escaped their notice in the rush to vacuum up the marbles.
Picking through some of BankUnited’s public filings we discovered some interesting details.
From BankUnited’s 2007 10-K:
For the 2007, 2006 and 2005 fiscal years, BankUnited retained the law firm of Camner, Lipsitz and Poller, Professional Association (“CLP”), as general counsel. Alfred R. Camner, Chief Executive Officer and Chairman of the Board of Directors of BankUnited, is the Senior Managing Director of CLP. For the 2007, 2006 and 2005 fiscal years, BankUnited paid CLP approximately $4.9 million, $3.6 million, and $3.5 million, respectively, in legal fees allocable to loan closings, foreclosures, litigation, corporate and other matters. Errin Camner, Managing Director of CLP, is the daughter of Alfred R. Camner. Continue reading “Tyler Durden and Marla / Sop and Nowdy: Bitter Financial Intercourse??”