Tuesday, July 13, 2010

Killing our Neighborhoods


I wonder if a Goldman Sachs executive would spend a night in the house above? After all, they do kind of "own" it.

The house, in the Slavic Village neighborhood of Cleveland, had a mortgage that was part of the Goldman Sachs synthetic CDO, ABACUS 2007-AC1. In 2008, the house was foreclosed upon, and still sits abandoned today.

At least the ivy devouring the south side of the building seems happy.

I am writing this in the Red Chimney restaurant, a social hub for the locals in Slavic Village. This place is probably the only thing that has not changed drastically in the last ten years in this neighborhood. It feels very comfortable -- old networks get rejuvenated here. Every community needs a gathering place, especially in times of trouble.

For an in-depth look at the players and financial flows involving this house , see Connecting the Dots of the Mortgage Meltdown.

Valdis recently helped CNBC with a documentary about Goldman Sachs and the recent mortgage crisis.

22 comments:

Anonymous said...

Next time, when taking a shot at Goldman, choose an uglier home. This place looks delightful.

Alex Posicionamiento Web said...

This article is short but it goes straight to the point. Only a few people can do this an I appreciate the great work done in this article. Regarding the photo used, it is true that the house is really delightful but I guess the surrounding or the "neighboring" houses gives the exact point of the article.

Thanks for sharing this!

Alex

Claudia - Inversiones Rentables said...

Hi, great article, short but great, thanks

sandra - ley de atraccion said...

Great article, I do really appreciate your work. Although the article is short it clearly states a point of view. Thanks!
Sandra.

Luisa said...

I heard that the situation tends to stabilize. Too bad as the people are losing their homes and other properties. It is not fair

Juanjo - Ganar dinero en internet said...

Nice house. Good documentary. Thanks

Isabel De Los Rios said...

A pity that such a house is abandoned.
Greetigns from Spain.

kevin - Apuestas Deportivas said...

Very good point Alex, I completely agree with you

Thanks

Kevin

DiseƱo Web Empresas said...

Maybe a Morgan Stanley not, but a JP Morgan will and a McKinsey & Co too....They same guys, the same stuff....

diane said...

Nice house, the article is short but tells what it means .. good work thanks.

cindy web server said...

this very good article interesting, concrete and no longer

mar - formula ganacash said...

pity that the house is abandoned when the world there are people sleeping on the streets, very good photo stop me most of all in society captures the pure
Mar greetings

celulitis nunca mas la cura natural said...

hanks for the article, the photograph captures the mystical, essential, evil to waste the house with the need for people

encuentros said...

Hi, great article, short but great, thanks

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Sheer elegance said...

I heard that the situation tends to stabilize. Too bad as the people are losing their homes and other properties. It is not fair

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Good information, I hope people continue to assist with the publication of articles of this quality.

Joshua Carpenter - vudu said...

I agree, how much history in that house. I stared at the picture for a while, the truth is loaded note good and bad memories, but generates a rare look at energy.
regards.

Jennifer Larsen said...

What a beautiful picture, it is good that despite the huge modern buildings still standing today these homes that enrich those who look carefully, perhaps causing the viewer a hint of melancholy. Hopefully these landscapes never miss in this technological world.