news
March 1, 2010
Ed Stier’s Comments Featured in The Real Deal’s Inside Look at Real Estate and Construction Fraud
An article published in the March issue of The Real Deal, a magazine covering real estate in New York City and beyond, featured the comments of Thacher Associates' principal Ed Stier. The article, "The mechanics of a con job" (link to article), provided a behind-the-scenes look at three recent real estate-related scams in New York City. The article's section on construction crimes cites Mr. Stier's experience battling industry corruption.
"The construction industry in New York for quite a long time had been dominated by racketeers and corrupt union officials," Mr. Stier was quoted as saying. "In the 1970s and 80s, a lot of that corruption was broken up. The problem is that a lot of the practices that had their roots in that corrupt era weren't changed." Mr. Stier went on to explain that the construction and real estate boom in the 2000s only magnified existing problems.
