Winning bid of $5.63 million snags Starr condo

Bidding was casual at the auction of the luxury Upper East Side condo that Ponzi schemer Kenneth Starr had purchased in 2010.

A bidder who declined to give me his name won imprisoned fraudster Kenneth Starr’s condo at auction today for a $5.63 million bargain price.

He was among 17 registered bidders for the apartment in the doorman building called the Lux, at 433 E. 74th St.

The current owner is the Internal Revenue Service, to which Starr relinquished the property prior to his sentencing.

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Imprisoned fraudster’s condo heads to auction

Kenneth Starr purchased a lavish new triplex at the bottom of this building for $7.6 million in 2010.

When Kenneth Starr pleaded guilty last March to stealing more than $33 million from his celebrity clients, he already had turned over to the United States government the luxurious condo that he had purchased for $7.6 million on the Upper East Side of Manhattan.

With five bedrooms, five and a half baths, 1,543-sf rear terrace that has an outdoor kitchen, an indoor lap pool and a 340-sf second terrace upstairs, the 6,550-sf triplex goes to auction Continue reading

Fannie, Freddie ideas could change our world

Treasury Secretary Tim Geithner

Fannie Mae and Freddie Mac may seem like distant galaxies, light years from our world as we know it.

But the proposals last week by the Obama administration to phase them out could have a profound affect on all buyers and sellers as early as this year.

To be sure, a proposal is a long, long way from congressional action, and self-interested parties such as the Mortgage Bankers Association already Continue reading

The new $100 bill reminds me of my last ‘real’ job

The "new" new $100 note.

Although you may think I’m boasting, allow me a bit of nostalgia prompted by the Treasury Department’s unveiling of a new generation of $100 currency.

Sitting on my desk is what is becoming an old “new” $100 note in an inexpensive frame.  That piece of paper is covered with the personal signatures of former Secretary of the Treasury Robert Rubin, Former Deputy Secretary Lawrence Summers, former U.S. Treasurer Mary Ellen Withrow (who hated me) and former Fed Chairman Alan Greenspan, among others.  Wrote Rubin above his name: Continue reading