There’s old saying: power corrupts. A new Columbia Business School study titled “People with Power are Better Liars” finds there may be truth behind the cliché.Just watch Forest City Ratner's smiling Bruce Bender. Or, in that same video, Gov. David Paterson. Or Bruce Ratner. Or Nets Sports & Entertainment CEO Brett Yormark.
“People in power are able to lie better,” said Dana Carney, a management professor at Columbia Business School and one of the co-authors of the study. “It just doesn’t hurt them as much to do it.”
For the average liar, she said, the act of lying elicits negative emotions, physiological stress and the fear of getting caught in a lie. As a result, she added, liars will often send out cues that they are lying by doing things like fidgeting in a chair or changing the rate of their speech.
But for the powerful, the impact is very different, according to the study:
“Power, it seems, enhances the same emotional, cognitive, and physiological systems that lie-telling depletes. People with power enjoy positive emotions, increases in cognitive function, and physiological resilience such as lower levels of the stress hormone cortisol. Thus, holding power over others might make it easier for people to tell lies.”
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…