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Archive for May 6th, 2009

Did Chief Monroe Bag Free Clubs at Quail Hollow?

The Cedar Posts blog — which has excellent insider CMPD sources — says the rumor is that Rodney Monroe got free gear during the big tourney last week. If so, accepting such a gift would violate CMPD policy. A full set of clubs could easily be worth hundreds of dollars, and some drivers alone retail for hundreds more.

The folks at Quail Hollow are not talking, so I guess it is down to some reporter trying to get Rob Tufano to confirm or deny the report.

Good luck with that.

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BofA: Get On with the Capital Raising, Already

Quit whining. You bought Countrywide and Merrill Lynch, two black holes of risk trailing hundreds of billions in iffy assets. The economy then contracted at a 25 percent annual clip. You took $45b. in emergency support from the feds. So yeah, heading into the second half of the year you might need to raise an additional $35-40b. in capital.

Why should this surprise anyone? Aside from the constant denials from BofA on the topic, I mean.

I guess you could be surprised considering that BofA has been trying to jawbone and prop up all its asset values and its share price in recent weeks. But to me that just indicates that, yes, the bank plans to raise more capital. BofA execs, being proud bankers after all, don’t want to admit this for the world to see, so the denials. Let’s just let them have their pride as long as they move in the right direction.

And that direction is toward a well-capitalized bank scrubbed of toxic assets.

Bonus Observation: You too, Wells.

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No Money? For WTVI Expansion? Duh.

This may be a MeckDeck record for being ahead of the curve. Over a year ago we said Mecklenburg County did not have the money to spend millions on expanding WTVI into a mini broadcast empire. County Manager Harry Jones has finally come around to that view and wants the commission to phase out funding for the “Public Square” nightmare.

The idea never made a lick of sense. County staff wanted to grow WTVI for the sake of growing WTVI. There was no public-need aspect to the proposal at all. Yet it got funded. Why? Because the county — and the city for that matter — got addicted to funding every staff request that came down the pike.

Going cold turkey now is gonna hurt like hell.

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