Shady magnates and corrupt politicians from all over the globe are stashing their ill-gotten wealth in luxurious Manhattan apartments.
Mayor Bloomberg pushed through re-zoning of nearly 40 percent of New York City. Bill de Blasio campaigned against urban gentrification. Can the new mayor reverse the trend? Can big-city electoral coalitions buck the trend of the real estate and financial speculators? Author Michael Hirsch reviews the new book about Chicago's mayor Rahm Emanuel - the mayor of the 1% in the second largest city of the country.
Other People's Money: Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made was what the trade calls OPM, or other's people's money, that was lost, mostly in investments from pension funds that were then bundled and sold as mortgage-linked securities. With many mortgages shaky, these securities made for a toxic stew, and that practice nationwide fed the housing collapse and the onset of the Great Recession in late 2007.
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