The Port Authority of New York and New Jersey–a ninety year old agency with two governmental parents who’ve never let go–is up to a four billion and counting cost overrun for the Freedom Tower complex rising on the World Trade Center site. The two first-term governors–New Jersey’s Christie and New York’s Coumo–want better management, but somehow overlook how political tentacles winding through the Port Authority from each state do much to gum up the works. http://www.nytimes.com/2012/02/08/nyregion/port-authority-called-dysfunctional-by-auditors.html
Author Archives: Dr. O
Fannie, Where’s My Mortgage?
Vast quantities of mortgage documentation flying every which way, from Fannie Mae to banks to successive mortgage servicers to foreclosure firms, often defying the ability of any participant to keep track, or even keep the paperwork legal. Didn’t matter. Homeowners got double-whammied by different holders of their home loan notes. Or collection and foreclosures moved forward with missing documentation and forged affidavits. http://www.nytimes.com/2012/02/05/business/mortgage-tornado-warning-unheeded.html
Million Dollar Church Lady
It seems no great challenge to embezzle from religious organizations, regardless of denomination. Where internal controls are weak, and being a pious, hard-working team player provides further insulation from scrutiny, there’s lots of latitude to concoct rip-offs, as this accounting clerk allegedly did in the offices of the Archdiocese of New York. http://www.nytimes.com/2012/01/31/nyregion/new-york-archdiocese-bookkeeper-charged-with-stealing-1-million.html?ref=romancatholicchurch Just a few days later, on February 3, the Archbishop of Philadelphia apologized for the million or so a senior staff member had stolen. New Jersey next?
Indiana Jones, Indeed!
Rabbi Youlus took to calling himself the “Jewish Indiana Jones” for uncovering and restoring Torahs from Holocaust-related sites. Many happily contributed to Rabbi Indiana’s noble work. Turns out the Rabbi’sTorah rescues were no less a fantasy than Raiders of the Lost Ark–only the fraud was real. http://www.nytimes.com/2012/02/03/nyregion/rabbi-menachem-youlus-says-he-lied-about-saving-torahs.html
Paterno–Boss of Bosses
Powerful individuals can invert organizational hierarchy. They boss their bosses or win immunity from supervision. Joe Paterno’s “fuggedaboudit” to 2004 retirement urgings by Penn State’s President and Athletic Director was characteristic. Or, as he made clear twenty years earlier to an old friend who was then General Manager of the Cleveland Browns feeling Joe out about becoming head coach, ‘If I take that job, you’re working for me. I’m not working for you.’ Philly Inquirer, 1/30/12.
Culture Counts–Triple
Fly Southwest, then US Air. Which wins the “feel good” trophy? Forget the bag fees, it’s the culture. http://www.fastcompany.com/1810674/culture-eats-strategy-for-lunch
Cops in Cars Crash
The LAPD actually does more to improve officer driving skills than most departments. For police officers, few things are as dangerous, or can cause as much collateral damage, as a high speed chase. http://www.latimes.com/news/local/la-me-lapd-traffic-20120123,0,109161.story