NY Times Hocks Building– Hacks Off Bush
The last 5 years of Bush-bashing has not paid off for the NY Times.
The STRAPPED New York Times hocked their building today to stay afloat.
This news didn’t make the front page:
The New York Times Company plans to borrow up to $225 million against its mid-Manhattan headquarters building, to ease a potential cash flow squeeze as the company grapples with tighter credit and shrinking profits.
The company has retained Cushman & Wakefield, the real estate firm, to act as its agent to secure financing, either in the form of a mortgage or a sale-leaseback arrangement, said James Follo, the Times Company’s chief financial officer.
The Times Company owns 58 percent of the 52-story, 1.5 million-square-foot tower on Eighth Avenue, which was designed by the architect Renzo Piano, and completed last year. The developer Forest City Ratner owns the rest of the building. The Times Company’s portion of the building is not currently mortgaged, and some investors have complained that the company has too much of its capital tied up in that real estate.
Sunday’s New York Times contains an editorial expressing inaccurate and incomplete statements on pre-war intelligence and the war in Iraq.
While the President has repeatedly acknowledged the mistakes in the pre-war intelligence, there is no support for the Times’ claim that the President and his national security team “knew or should have known [the intelligence] to be faulty” or that “pressure from the White House” led to particular conclusions. Nothing in the many inquiries conducted into these matters supports the view of the Times’ Editorial Board. Indeed, the independent Silberman-Robb Commission and the Senate Select Committee on Intelligence concluded that no political pressure was brought to bear on the Intelligence Community.
As the President has stated, he regrets the intelligence was wrong, but it was intelligence that members of Congress, foreign governments as well as the Administration all believed to be accurate. Working with Congress, the President has since put in place a number of intelligence reform measures to try to ensure that such mistakes do not happen again.
While Saddam Hussein did not have stockpiles of weapons of mass destruction, he was a threat, and his removal has opened the door to a democratic Iraq in the heart of the Middle East that is an ally of the United States.
The New York Times continues to have difficulty acknowledging the undeniable success of the President’s decision to surge an additional 30,000 troops into Iraq. Because of the surge, Iraq is a more stable and secure country. It is the success of the surge that is allowing American troops to withdraw from Iraq and return home with a record of heroic service and still unheralded success.
UPDATE: It’s a bad day for liberal rags—
Chicago Tribune parent Tribune Co. filed for Chapter 11 bankruptcy protection today.
Hat Tip Dennis
More… Doug Ross has today’s daily digest of newspaper extinction news.