"Too big to fail"
First, David was asked about financial regulations: "But more importantly, the big issue that's not being addressed is... too big to fail. Citi's too big to fail. Goldman's too big to fail. Everybody's too big to fail. We haven't solved that problem, in the year-plus we've been dealing with the financial crisis."
He left out Atlantic Yards and the Vanderbilt Yard deal, which I described as too big to fail and, indeed, a judge agreed that the MTA's revision of the railyard deal was fine.
The AY endgame
Then he was asked about the Atlantic Yards bond sale.
"The interest rate's pretty good, which is why the bonds flew off the shelf. So Daniel Goldstein, the person who's been holding out against it, had better start packing his bags," David responded, with no small satisfaction in his voice. "Cause this means that Ratner has the money to go ahead with the project. They're going to go ahead no matter how many more lawsuits Goldstein files."
Um, Goldstein isn't the only property owner and tenant resisting eminent domain. He may be the most visible but the Atlantic Yards fight wouldn't have lasted six years and counting if it were just one guy.
David continued: "Remember, not a single lawsuit against Atlantic Yards has ever won a favorable ruling."
He doesn't have any qualm about the state's much-criticized eminent domain laws. (As NLG points out, David once had some qualms, leaning toward his daughter's belief that eminent domain should be outlawed.)
"And so now it's only a matter of time," David continued. "Ratner wants to be well in the ground by next June when LeBron James decides what team he's going for, because the play within that is to get LeBron James to come to Brooklyn."
But superstar LeBron James can pick where he'll go, and a new arena--should it be built--is just one factor. He wants to win a championship. Right now the Nets are 2-25.