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Executives Exit Port Authority 20130923-NEWS--0001-NAT-CCI-CN_-- 9/20/2013 7:13 PM Page 1 IN THE BOROUGHS BROOKLYN Distillery boom lifts her spirits CRAIN’S® NEW YORK BUSINESS PAGE 3 VOL. XXIX, NO. 38 WWW.CRAINSNEWYORK.COM SEPTEMBER 23-29, 2013 PRICE: $3.00 Executives Capturing the exit Port Authority Seggermans Agency faces brain drain as World Trade They lived lives of comfort and success until a secret Center work ends $12 million inheritance put the IRS on the case and budget tightens BY AARON ELSTEIN BY DANIEL GEIGER In the early morning hours of June 15, 2001, a wealthy New Yorker The Port Authority of New York and named Suzanne Seggerman emailed her brother Henry to discuss New Jersey, long a magnet for ambi- their inheritance.Their father had died the month before and tious transportation, construction, en- gineering and real estate executives left behind the spoils of his Wall Street career, including eager to ply their craft on a grand scale, $12 million parked in a secret bank account in Switzerland. is experiencing a high-level brain “So I met with 2 lawyers yesterday to talk about the drain. beef,” Ms. Seggerman wrote, using what federal With its largest project,the $15 bil- lion rebuilding of the World Trade prosecutors say was a code word for the secret money. Center complex, winding down and “They are very interested in going by the book.” no huge developments on the horizon, Henry Seggerman replied: “What do your guys key executives at the bistate agency are decamping in an exodus only wors- mean by ‘by the book?’ ” ened by a recent audit that triggered He observed that “another interpretation of big changes in its management and ‘by the book’ would entail each of us paying salary structures. 750 lbs. to the FDA, plus more each year if The most recent departure: Philippe Visser, who headed leasing the beef grows mold.” and many other major business negoti- That was code, too. It meant the ations for the WTC site for the past Seggermans and their siblings two years. He announced last Tuesday that he will jump to the Related Cos., would each be on the hook for where he will help oversee the develop- $750,000 in taxes to the IRS, er’s $15 billion Hudson Yards project. and maybe more, if they Executives at public agencies like reported the existence of the Port Authority have long moved the money they inherited. on to more lucrative posts in the pri- ALL IN THE FAMILY vate sector. But the scale of the defec- Ultimately, tions from the agency’s upper ranks in See CAPTURING on Page 30 The Seggerman siblings have pleaded guilty to tax- recent months exceed its norm. evasion charges. Each faces 11 years in prison. In May, Susan Baer, the Port Au- HARRY SEGGERMAN thority’s director of aviation, an- The patriarch put $12 million of his Wall nounced her retirement from the Street fortune into a secret Swiss bank See PORT AUTHORITY on Page 31 account. The tax troubles of his children, below, began when he died in 2001. HENRY SEGGERMAN, 60 The eldest son was a movie producer who brought Crocodile Dundee to America before running his father’s hedge-fund REPORT business. REAL ESTATE YVONNE SEGGERMAN, 58 Described as smart and hardworking, Retail rents rocket on she ran a playhouse in Rhode Island for a decade, and now works on an organic back of tourist boom farm. PAGE 17 SUZANNE SEGGERMAN, 51 She made documentaries with Ken Burns Banks band together before becoming an advocate of video games for social change. “I have always PAGE 17 worked in nonprofits,” she told a judge. EDMUND JOHN SEGGERMAN, 50 A former aide to former Sens. John and THE LIST Lincoln Chafee. He’s now a real estate agent in the D.C. area. The youngest NY’s largest REITs child, he goes by John. PAGE 20 NEWSPAPER istockphoto 20130923-NEWS--0002-NAT-CCI-CN_-- 9/20/2013 7:14 PM Page 1 EDITOR’S NOTE Journalism 101 FYICRAINSNEWYORK.COM I spent the first part of last week grumbling about the state of the journalism business with fellow Bernanke’s about-face editors at my company’s annual boosts Wall Street executive meeting near our corporate headquarters in Detroit. n one of the greatest bait-and- I know: Editors grumbling. Not switches ever perpetrated by a exactly news. And it’s not as if the central banker, Federal Reserve Glenn Coleman I editors at Crain Communications Chairman Ben Bernanke (right) faked have it bad.The family that owns out just about everyone last week when my near-100-year-old company has no corporate he maintained the Fed’s policy of debt and holds significant cash reserves for major acquiring $85 billion worth of bonds investments in technology and more. Still, the media every month to pump money into the biz can be as tough a place to turn a profit as any economy. Most of Wall Street had been bloomberg news these days. And what some competitors are doing sure Mr. Bernanke would dial down on out there to turn a buck—well, it’s like they have no quantitative easing since the chairman hinted in May that the economy had recovered enough gag reflex. I heard so many lurid examples of that he might “taper” the bond purchases. cheapened standards that I returned to my office But the Fed decided at a Wednesday meeting that it would continue full throttle, and the market Wednesday morning exhausted, certain that much— reaction was dramatic. Bond prices soared, depressing yields, and the dollar dropped in value as if not most—of America’s media business is trapped investors sought higher-returning investments overseas. Stocks jumped, with the Dow Jones in a death spiral.Thankfully, waiting for me was a industrial average and Standard & Poor’s closing at record highs on Wednesday—an odd draft of Aaron Elstein’s article on the blue-blooded reaction considering Mr. Bernanke’s decision means he thinks the economy isn’t healthy enough Seggerman family,whose misadventures with secret to go without a regular booster shot,even though economists say the Great Recession officially Swiss bank accounts arguably makes them New ended back in June 2009. Of course, he could always change his mind.Tune in to the next Fed York’s first family of tax evasion. It is no exaggeration meeting for more on the greatest taper caper ever put on paper. —aaron elstein to say that I felt alive again. Aaron’s enterprising reporting and fine eye for detail produced a fascinating story that readers of Crain’s New York JPMORGAN RACKS UP FINES. JPMor- Edison Inc. CEO Kevin Burke will gan Chase & Co. agreed to pay reg- retire at the end of the year. The 62- HOORAY! Business will be talking about for years. It also ulators $920 million to settle some of year-old led the utility company reminded me of a simple, powerful thing about the the U.S. and British probes into its since 2005 and through Superstorm FOR THE media business: All we at Crain’s—or any journalism “London whale” loss. The nation’s Sandy. In April, Mr. Burke, along SECOND YEAR in a row, Miss outlet—must do first and foremost is break the news largest bank also admitted violating with three other executives, had to New York was federal securities laws and failing to return his 2012 bonus while Con Ed crowned Miss and tell the tales that no one else offers, in whatever oversee trading that led to the $6.2 was being investigated for its re- America. Nina medium our customers want. All the rest, with Davuluri was the billion loss. Several authorities, in- sponse to Sandy. Mr. Burke will be pageant’s first sensible management, should work itself out. cluding the Securities and Exchange replaced by John McAvoy, who leads Indian-American Commission, are still investigating the utility’s Orange and Rockland winner. the matter. Separately,the New York counties division.… STOP-AND-FRISK bank was ordered to pay $389 mil- SETBACK. A federal judge declined THIS WEEK IN CRAIN’S lion in refunds and fines for billing the city’s request to stay her own OY VEY! credit-card customers for identity- ruling that the NYPD needs an in- IN THE BOROUGHS-------------------------- 3 SECONDS after theft protection they dependent monitor Ms. Davuluri, 24, never got. … A to oversee its contro- did her victory wave, IN THE MARKETS----------------------------------4 ‘We have to GLOSSY LOWER EAST versial stop-and- some people THE INSIDER -----------------------------------------------6 tweeted racist SIDE. After decades find a new frisk tactics.Now the comments. of contention,the va- SMALL BUSINESS--------------------------11 balance’ city must wait for its cant Seward Park ur- appeal to be heard, newscom OPINION --------------------------------------------------------12 ban-renewal area on —Pope Francis, in his first which isn’t likely to extensive interview since GREG DAVID--------------------------------------------13 the Lower East Side occur until after is finally slated to be- taking the helm of the Mayor Michael ance and charge lower fees for partic- REPORT: REAL ESTATE------------- 17 come a glassy, six- papacy, on the tone and Bloomberg, the ipants, resulting in a funding direction of the embattled REAL ESTATE DEALS-------------------19 acre mixed-use com- Roman Catholic Church policy’s biggest shortfall. As of Sept. 19, the parade’s plex. The city chose cheerleader, leaves Kickstarter campaign had raised CLASSIFIEDS -----------------------------------------24 L&M Development office. … TRICK-OR- $5,600. … GUNMAN HAILED FROM GOTHAM GIGS NEW YORK, NEW YORK ----------33 Partners, BFC Partners,Taconic In- TREATING FOR CASH.
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