New York’s Excuses for Losing Amazon

Here’s a slap for all those socialist wannabes out there who cheered the collapse of the Amazon New York deal as a blow to big business – all those who just can’t seem to grasp what makes this country run.

I usually try to have new ideas every week for this segment, but this one was so good I had to do it again… this time from another perspective.

Sam Zell is the man credited with creating the modern real estate investment trust (REIT). He made a fortune in real estate before the age of 30. He’s a self-made man and somebody who, as you’ll see, speaks his mind.

I guess when you’re a billionaire, you can say anything you want.

In a CNBC interview last week with Mr. Zell and a congressman from New York City whose district includes part of Queens, where the Amazon headquarters would have been built, they were, of course, discussing the deal.

Or should I say, the deal New York lost.

The New York congressman stated that he was involved in the discussions with Amazon and that his contribution to the negotiations was to ensure that race and gender were part of the discussions and that minority communities benefited from the deal.

Mr. Zell, who was acting as co-host of the program, stated that for Amazon, it wasn’t about those things so much as certainty and leadership, and the deal lacked both.

Not off to a good start.

Things really started to unwind when Mr. Zell, who thought he was off the air but whose mic was still on, stated quite clearly that he thought the congressman’s comments were a crock of you know what.

Of course, Mr. Zell didn’t say, “you know what.” And the censors at CNBC didn’t catch it in time. It went out live to the whole world.

I didn’t see the interview, but let’s be honest. Has anyone else summed up this whole stupid mess any better than that?

Now, before you start writing in and jumping all over me, I know minorities matter. But how anyone in a leadership position in New York could have lost 25,000 white-collar jobs, and the additional 125,000 jobs that would have been associated with this deal, and then go on national television with that explanation is beyond me.

What, no minorities would be able to work for Amazon? I don’t get this.

The term “crock” was created for this situation.

I’m still laughing about it. I wish Sam Zell were younger – maybe he’d run for president too. Now that isn’t a crock.

Good investing,

Steve