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Code Blue for City's Indie Hospitals Bank Pay Gets Boost on The 20100201-NEWS--0001-NAT-CCI-CN_-- 1/29/2010 8:18 PM Page 1 INSIDE Larry and the Port: an TOP STORIES insider’s As Speyers exit guide Stuy Town, an —Greg David Page 11 unknown steps up ® to fill the gap PAGE 2 Costco misses VOL. XXVI, NO. 5 WWW.CRAINSNEWYORK.COM FEBRUARY 1-7, 2010 PRICE: $3.00 mark in Harlem PAGE 2 Code blue Municipal Art for city’s Society back in SALLIE FORTH indie black PAGE 3 Merrill Lynch’s hospitals What Cablevision Krawcheck has sees in Newsday bullish ambitions St. Vincent’s, Lenox PAGE 3 Hill can’t go it alone; for thundering herd North General next? At Foot Locker, new CEO must BY AARON ELSTEIN BY BARBARA BENSON clear high hurdles as one of wall street’s top exec- the era of the independent Manhat- PAGE 7 utives for more than a decade, Sallie tan hospital is drawing to a close. Last Krawcheck understands all too well week’s news that Saint Vincent why most mergers between broker- Catholic Medical Centers actively age firms and Main Street banks shopped for a merger partner to stave off BUSINESS LIVES don’t live up to the hype. a return to bankruptcy is only the latest Apart from the inevitable tech- evidence.Uptown,Lenox Hill Hospital nical glitches and bruised feelings is seeking to end 153 years of independ- that come from slamming together ence as it negotiates a merger of its own two companies with different ways with the sprawling North Shore-Long of doing business, there’s this incon- Island Jewish Health System. venient truth: Most people simply The reason is simple:Neither hospi- aren’t interested in having investment tal can go it alone.And that bodes poor- ideas foisted on them by the same folks ly for other remaining independents, who provide them with a checking ac- notably North General Hospital. count or a mortgage. “This is about the changing health So as Ms. Krawcheck tries to knit to- market in New York City,” notes gether Merrill Lynch and Bank of Howard Berliner, professor and chair America—the biggest combination of health policy and management at ever of a brokerage and a bank—she See DYING on Page 20 GOTHAM GIGS has a clear idea of what pitfalls to avoid. Coach Rikki Samuels: “I’ll tell you words we’ve outlawed [in ice, ice, baby P. 21 my division]:Cross-sell.Financial servic- G ANNE FISHER says es supermarket. Distribution channel. Any of the words that imply an un- Bank pay businesses can get a windfall from U.S. P. 21 derlying product push to clients,” she says.“They have a history of G MOVERS & SHAKERS simply not working.” gets boost Ed Koch dishes P. 22 Evidently, top manage- G GAEL GREENE gets ment elsewhere within Bank of America hasn’t gotten on the sly crabby in Queens P. 23 that memo.A day after Ms. Krawcheck made her com- ments in an interview It’s a backdoor bonus: INDEX See KRAWCHECK on P. 15 Execs collect dividends IN THE MARKETS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _4 MERRILL PINCH: on unvested shares REAL ESTATE DEALS PLUS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _9 Sallie Krawcheck is balancing the VIEWPOINT _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _10 corporate demands BY AARON ELSTEIN CRAIN’S ONLINE POLL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _10 of new owner Bank of America with FOR THE RECORD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _12 winning over Merrill hoping to mute public outrage over CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _18 Lynch’s highly huge Wall Street bonuses,the big banks HOT JOBS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _21 mobile army of are making a show of paying employees 15,000 brokers. EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _21 with more restricted stock, which can’t THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _23 be touched for years, and less cash. buck ennis Much less well-known is this:Many of the banks are paying dividends on those shares—even though the em- 05 5 ployees don’t actually own them yet. REPORT FINANCE While the perk angers some share- How boring old money-market funds almost holders, the reality is that executives at destroyed the world P. 13 banks and other large companies rou- ELECTRONIC EDITION tinely collect dividends on shares they Crain’s list: top money managers P. 16 don’t own. Most companies reveal only NEWSPAPER See EXEC PAY on Page 20 71486 01068 0 20100201-NEWS--0002,0003-NAT-CCI-CN_-- 1/29/2010 8:05 PM Page 1 acre, 11,000-unit complex. Some expect IN BRIEF CW Capital will tap Rose Associates, Picking up pieces which ran the property for its former own- er, MetLife Inc. Other potential managers AEG parlays local connection include WinnCompanies, which says it into winning Aqueduct bid has been talks with CW and is very inter- at Stuyvesant Town ested. Far thornier will be figuring out how AQUEDUCT ENTERTAINMENT GROUP rode a much rent can be charged and what rebates keen understanding of local politics to victory in are due tenants, following last year’s court the drawn-out battle to run a slot parlor at Special servicer will lead the lenders ruling that Tishman Speyer had illegally Aqueduct Racetrack, which concluded Friday. deregulated rents on roughly 4,000 units. Insiders say the state’s decision to go with services be maintained and that they get a The court didn’t say whether its ruling AEG, which includes the Rev. Floyd Flake’s BY THERESA AGOVINO AND AMANDA FUNG seat in the negotiations, and politicians are should be retroactive.Tenant lawyers esti- Empowerment Development Corp., had as vowing to protect the complex’s rent-reg- mate their clients are owed $200 million in much to do with the in the coming weeks, control of ulated status. rebates. dynamics of southeast Stuyvesant Town/Peter Cooper Village “Figuring out the future [of Stuy Town] The tenants’ lawyer had been negotiat- Queens politics as it did will pass from one of New York’s most won’t be a simple process, and it won’t nec- ing with Tishman Speyer on a settlement, with the particulars of the glamorous and powerful real estate fami- essarily be a fast process,”says Dan Garod- but CW Capital’s position is unclear. The bid. lies to a company that most people have nick, a City Council member who lives in special servicer didn’t respond to requests “It’s fair to say that never heard of, a major player in an indus- the complex. for comment. having community try that few even know exists. For openers, the collapse has affected CW Capital can have the property ap- support in southeast Queens turned out to be a Last week’s decision by the partnership scores of investors around the world who praised after issues regarding rebates and very important component here,” a Democratic led by Jerry Speyer and son Rob to hand now find themselves trapped in a giant future rental income are settled. The ap- insider says. back the keys to the complex after default- maze of often competing interests. praisal will be key to restructuring the loan AEG was well-positioned in the ing on a mortgage payment lays the “The problem is that when these deals and/or selling the property. neighborhood from the start. Mr. Flake was a groundwork for the transfer.Stepping into were being put together,no one was think- Several groups have already tentatively congressman in the area for 11 years, and his the breach will be CW Capital, a special ing they might unravel in three or four expressed interest in buying Stuy Town. Greater Allen A.M.E. Cathedral of New York is servicer. Such companies work out trou- years,” says Michael Carp, executive vice They range from Donald Trump to a ven- a must-stop on any campaign trail.
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