Thursday, January 15, 2009
Mick Pattinson's Blame Game
Interesting story on developer Barratt American's CEO Mick Pattinson, Even in Bankruptcy, Builder Tries to Browbeat Foes
Just 2 years ago Barratt American boasted about record profits, now they are in bankruptcy and their CEO Mick Pattinson blames the banks and wants the government to give his company bailout money.
I have to wonder, how much money did Barratt spend on lawyers and lawsuits fighting the government over every little thing, instead of just concentrating on building homes?
What kind of bonuses did Barratt executives pay themselves before laying off 100 workers, stiffing their subcontractors and filing for Chapter 11?
Pattinson often used his North County Times editorial column to rant against political activist and protesters, but now he is one.
Pattinson hated NIMBYs above all else, even though sometimes he was one too.
"He's assembled more than 160 builders nationwide to push for government intervention and regulation for banks." This is from Mr. Anti-Regulation himself. hmmm...
Mick Pattinson famously wished that California was more like China.
He is not mentioned in the Voice of San Diego story, but it's worth noting that local market dude George Chamberlaine has been a big Pattinson supporter and his "news" stories featuring Pattinson were thinly disguised propaganda pieces for the building industry even when it was clear the trends were unsustainable and heading for collapse.
Did Pattinson truly believe that ticky tacky faux east coast style McMansions were really worth over $1 million dollars, and would continue to go up in value?
"We knew it was going to end," he said, quickly revising his own words. "I say 'we knew'-- that's an overstatement." Again, hmmm...
What if developers like Barratt American had embraced more cost effective and futuristic homes like the Dwell prefab homes?
Under no circumstance is the CEO of a company ever to blame, it's always someone else's fault.
"I am not one who is at all embarrassed of what I do for a living," he said. Yeah, no kidding.