Israel's Markethouse Fix

Dearest Friends:

Apologies to my correspondents that have missed the King's decrees. Urgent matters in my Greek investment portfolio required an unscheduled trip on the G5 to London. It seems the European debt crisis has caused the value of my Thessalonian olive groves to collapse. So we displaced the current diefthyntís and replaced him with a new manager. Blindly loyal to me.

I won't make money, but I'll feel good.

En route I was heartened to read Alderman Israel's feel good legislation on the Markethouse. Once again, he has boldly stepped to the plate. Like greek olive groves, dear Richard understands the best way to manage an asset is to put in your own pocket.

So, while attention was diverted on the pretty pictures and ideas of the markethouse presentations this week, dear Richard put the fixe in. In the legislation that is.

He is sponsoring legislation that allows for a Markethouse Authority to 'govern' it. What this 'governing' entails is unspecified, so it will undoubtedly allow for large power grabs by the Authority once established. Money, vendors, hours, products and design apparently will all be decided by this junta.

And the Authority will be made of of 7 people, insiders all. Some retailers with a financial conflict of interest, some surely petulant Ward Oners, he has again kept the makeup of the board in the hands of the merchants and elite. Interestingly, the #1 group that visits the market house, out of town visitors, are precluded from membership. A true harbinger of success.

Furthermore, his legislation allows for no oversight or control over the junta. Nor is it clear that this group would have any responsibility to the public at all. No public meetings, no public accounting, no public period.

One participant at the presentations has privately told others that he will withdraw their market house offering if this legislation passes. Meddling and obstruction, our way.

At best, we'll get a barely functioning markethouse run by us, the elite of the Historic Core. At worst, we'll have years of financial and managerial scandals to amuse us.

Dear Richard has never let reality intervene in his make believe world.

Bully!

King of George