This comment comes from Schroeder at People Get Ready:
I remember seeing on the City Council Web site -- somewhere between 1998 and 2001 -- (as I recall) that Morial was seeking a waiver to be allowed as an investor in a real estate company to develop areas near the St. Thomas project (in the process of being demolished). This was before the City Council recognized that actually letting citizens in on proceedings might reflect poorly on them. They have since stopped posting proceedings shortly after I sent email requests for the ultimate decision on Morial's request. I never heard back from anyone. Needless to say, the fact that Morial was, at the same time, promoting the demolition of St. Thomas (a matter about which I remain conflicted), is at best unethical -- or (I'm no attorney), illegal.
I suspect that real estate has always been one of the areas where unscrupulous mayors exploit their position for personal profit.
Not just mayors, bro....I know you read Gordon Russell's incredible story on Renee Gill Pratt, Mos Jefferson, and Frozen Dollar Bill's convoluted snarl of non-profits and real estate ventures.
That's why I want to know exactly what the hell Nagin's AFO investments is "investing" in. There are so many crucial decisions affecting the real estate market which will be addressed in the coming months and years that it's impossible for him to maintain any level of autonomy if he's investing in real estate in this city. The French Quarter hotel moratorium is ripe for the plucking in particular.
If AFO is investing in the New Orleans real estate market....at the very least, he should publicly state any and all investments the company makes.