Friday, November 21, 2008

misc Cleveburgh thoughts

This isn't so surprising... but many people do not realize just how much accounting is more art than science. and corporate tax accounting borders on metaphysics. In the news today is that the news yesterday was off by just a few $billion when it comes to the potential tax benefits of the PNC acquisition of National City. Hey, what's a stray $billion these days. That first reported tax benefit of $5 billion was the source of a lot of consternation up in Cleveland where folks interpreted it to mean that PNC bought NatCity essentially for nothing. Of course there were all those bad loans in the mix as well, so it was a metaphysical nothing.

More on the : the WSJ's Deal Journal Blog looks ever more into the mechanics of the PNC/NatCity deal.

No news to point out that progress at local government reform has been at best halting of late. They have their own problems up the pike at reforming local government in Cuyaoga County.


Other news: this has real implications here if AAA Municipal Bond insurance goes away.

New York-Burgh? In the news is that BoNY/Mellon has some job cuts coming down the line. Some will be here for sure, but I have always thought that in a cost conscious era Pittsburgh will fare better in the longer run or not. Real estate price collapse or not, it still is just so much more expensive to have a back office job anywhere near Manhattan than elsewhere. Granted that argument has not worked super well for a few big consolidations of note in the last decade, but then again the cost issues have not been as dire as they have been of late. Anyone notice just how big BoNY/Mellon is? 22 $trillion in assets under management. That is a T.

More from NY.... if Senator Clinton becomes Secretary of State, the PG throws out the possibility of a 28 year old Senator Chelsea. My call for who gets appointed to her senate seat is Nassau County Chief Executive Tom Suozzi.


Anonymous Anonymous said...

Sunday, November 23, 2008 5:27:00 PM  
Anonymous Anonymous said...

I think the Constitution might have something to say about having a 28 year old senator. Plus, I am sure she is a nice girl, but I don't know of anything she has really accomplished in her life. The pick will be Cuomo.

Sunday, November 23, 2008 7:10:00 PM  

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