Archive for April 28th, 2011
Hat tip to an unhappy investor. Click the picture for a pdf of the entire signed 3 page agreement and click below the fold for a hint as to our next international destination as Slabbed follows the girls and the money. Meantime let’s all ponder if Abel and the girls pulled a Bugsy Siegel. By my math 40 is the maximum number of 2.5% investors a company can have without being more than 100% owned.
Coast news miscellany: Vic Planetta in a world of hurt and idiocy at the Mississippi Gaming Commission
Sorry son, you were caught smoking a joint 30 years ago so your fired…..
Anita Lee details a bit of war on drug idiocy in her profile of Victor Hanson, a family man who lost his job at the Palace Casino in 2008 because he was caught smoking a joint in Biloxi over 3o years ago. The war on drugs is both a failure and boondoggle that flushes billions of scarce taxpayer dollars down the black hole every year to no good end. One day the powers that be will learn that treating social problems such as addictions as a law enforcement problem is beyond silly.
In other news former coast modular home builder Vic Planetta is in a world of trouble as he and his wifey are charged with defrauding the SBA after Katrina to the tune of over $1,000,000. This story is rich for me on a couple of different levels, none of which I’ll go into here on Slabbed. Greed kills Vic, greed kills……
Somewhere in my archives I have an email detailing NOPD Chief Ronal Serpas’ heritage as a Landrieu family stooge beginning his Serpas’ dad, who was one of Moon Landrieu’s shoe shine boys. Being on the take is a generational thing in New Orleans as Serpas recently illustrated when news surfaced he was steering work reviewing red light traffic camera to his son in law and various cronies of his at NOPD.
This story is rich on several levels but one lesson that is clearly illustrated is that when government functions are privatized, at least here down south, someone who is on the inside ends up with the work and the taxpayers get stuck footing the bill.
Now does anyone really think Serpas, who was run out of Nashville on a rail for cooking crime statistics, is really the guy who will clean up the NOPD? I’d submit he was hired because he is an excellent bagman.
Thursday, April 28, 2011
Baton Rouge, Louisiana
All this week, Florida’s largest newspaper, the Miami Herald, has been writing both feature articles and editorials about the problems facing Florida property owners in finding affordable insurance. Day after day, headlines conveyed the intensity of the struggle – “Storm Warning: Prop up Insurance,” was a typical lead, along with, “Is Citizens Insurance ready for the big one?” and “Lawmakers still scrambling on wind insurance.” Florida, like all gulf coast states, has problems of both insurance affordability and availability. But here’s the difference between the Sunshine state and the Bayou state. Florida is giving the problem serious attention. It’s a front and center concern for the governor, the legislature, insurance regulators, and the news media. In Louisiana where I live, there is hardly a whisper.
When Florida Governor Rick Scott took office a few months ago, his first words of commitment were: “The lack of available and affordable property insurance is the biggest threat to our economy.” Just this week, Scott began exploring how to sharply curtail or even shut down the state’s Citizens Property Insurance Company. The Miami Herald editorialized just last week that the Florida legislature should allow no more property insurance rates in the state. The Florida governor and the legislature are taking the insurance problem head-on.
Florida has significantly more hurricane exposure than does Louisiana. Ninety percent of all homeowners live within a few miles of the Gulf or the Atlantic Ocean. A hurricane crossing the Florida peninsula slows down, at best, only 15 miles per hour. Yet in spite of all this exposure, property insurance rates are cheaper in Florida than in Louisiana. In Perdido Key, on the Florida-Alabama border, many Louisianans have beach homes or condos. On average, they pay significantly less on these properties than they do on their homes in New Orleans, Baton Rouge and other Louisiana cities. Property insurance rates for commercial real estate have gone down, somewhere in the neighborhood of 30% to 40%, according realtor Steve Ekovich of the Tampa office of Marcus & Millichap, and insurance is more available. Read the rest of this entry »