Recently forced-out Thornburg Mortgage CEO Larry Goldstone told KSFR of his plans to start a bank back in March, before the company went bankrupt.
Listen to the segment at their site
.
The interview, which KSFR's Bill Dupuy has dredged from the archives, raises some interesting questions.
First: If Goldstone had already announced his intentions on the radio, why was Thornburg Mortgage's then-spokeswoman
when SFR reported on the new company's existence later in the summer? One likely explanation: Because, as the Justice Department has
, the new company's employees were being paid with money that belonged to the bankrupt company's creditors.
The Journal North managed to raise Goldstone on the phone for their
, but he didn't say much. Over at the Santa Fe Review, George Johnson uses personal experience to explain the nut of this story: "the $8,000 I invested in the company is now down to $6, while Mr. Goldstone is still receiving $188,000
a month
from the bankrupt company."
And from the paper whose business writer quoted the company's founder in 1995, "Thornburg makes a compelling argument that a crisis large enough to shake the mutual fund industry to its core is not very likely"; the paper that editorialized in 2004, "The community should be glad [Thornburg] didn't grow weary of NIMBYism and forsake Santa Fe for Santa Barbara or some other la-di-dah address"; and the paper that declared Thornburg Mortgage "
" just before it went bust?
Crickets.
Updated Sept. 18, 7 am
:
. How does Bob Quick spell FU? "Their resignations...
."
