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|Article Compromised Times' Credibility|
|Commentary/Politics - Letters to the Editor|
|Written by Administrator|
|Wednesday, 04 March 2009 08:30|
Editor's note: This letter was submitted in response to the article "Blackhawk Hotel project threatened by critical report," by Tory Brecht.
An open letter to Quad-City Times readers and fellow Lee Enterprises shareholders.
You could have written the article without mentioning Mark Nelson's connection to Davenport Promise, or alternatively you could have waited one day to write your article. There is nothing about this bit of news which could not wait until Wednesday, unless one of your objectives was to smear Mark Nelson for his work with the Davenport Promise. This Blackhawk-project funding fiasco has been going on since last Thursday, and quite candidly Mark Nelson's report has more of a tie in with the millions of bad mortgages made in the past few years than it has to do with his being associated with Davenport Promise. If every property appraiser had been willing to do their job and provide an honest appraisal of the home's actual value, we would not be in the mess of bailing out the the banks, which each of us as taxpayers gets to pay through our increased taxes. I did not see that factual reference in your article; or are you unable to see the economic connection? What Mark Nelson did was his job. He analyzed the risk that the bank was exposing itself by loaning the money. The fact that you quoted Amy Gill, who has a vested interest in getting the loan, has absolutely nothing to do with Mark Nelson's analysis. If Mark Nelson's professional judgment was "caution" in regards to developing that hotel, it certainly was consistent with the previous owners of the property. Neither the President Riverboat Casino nor the Isle of Capri felt it was the best use of their money to develop the Blackhawk. While I would like for them to have redeveloped the Blackhawk, obviously their thoughts were more along the lines of Mark Nelson. But that was not mentioned in your article. What was mentioned in your article was Davenport Promise, which is completely unrelated to the role of a professional property appraiser.
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