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Barclay’s Fires Lehman’s Mark Walsh

We’re sorry for the delay in bringing this to you, but with the financial market meltdown, we’ve been overrun with SunCal and Lehman Brothers news and submissions. Barclay’s Capital, a purchaser of failed investment bank Lehman Brothers’ assets, has fired Mark Walsh, the Lehman man who “financed SunCal’s $110.2 million purchase of a 2.25-acre plot of land in Southern California.” along with most of Lehman’s commercial-mortgage-backed securities team. In any event, some of these stories are like tea – they go down better after they have steeped for a while.

According to an October 1, 2008 article in the Wall Street Journal, Mark Walsh contributed to Lehman’s demise, and even “kept doing deals even as rivals stepped back amid signs that credit was tightening and the market had peaked.” Mr. Walsh made big residential land bets with SunCal Companies and closed a $22 billion buyout of an apartment building owner in October 2007 (Archstone-Smith Trust) with $9 billion in financing from Fannie Mae and Freddie Mac. The FBI is investigating Fannie Mae, Freddie Mac and Lehman Brothers for fraud, pursuant to the real estate market collapse which lead to the $700 billion Bush administration bailout of Wall Street. SunCal has indicated that they would seek $700 million of taxpayer subsidies to finance infrastructure at Alameda Point to support their development plan for 4000, 6000 or more homes at Alameda Point.

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