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News & ArtsFriday, January 23, 2009
Visual Art The Aftermath of the SAM-WaMu Partnership
Posted by Jen Graves on Fri, Jan 23, 2009 at 1:40 PM
Was it worth it now that SAM is left holding the bag? And given the crashes at museums around the country, how are SAM's finances overall?
My follow-up story to yesterday's news that JPMorgan Chase won't assume WaMu's lease is here.
Photo: Benjamin Benschneider
1
But is one of the best looking skyscrappers in Seattle. I say convert it to middle income rental units!!
3
They have a very strong balance sheet as of their last 990 filing (see www.guidestar.org) Their debt (mainly tax-exempt bonds) is very reasonable and they have a lot of liquid investments. SAM will be just fine.
5
The problem is you're comparing them at the peak of the market cycle - when people give them tons of cash, to today, which is nearer to the bottom.
Compare them to the bottom of previous down cycles and, as tax wonk says, you'll see they're doing pretty well.
Compare them to the bottom of previous down cycles and, as tax wonk says, you'll see they're doing pretty well.
7
That'll make some nice condo units! The four seasons richy-rich and new penthouse dwellers at WaMu can wave white gloves and throw Arugala salads at eachother.
8
Y'all are idiots. Condo units? Yeah, the condo market is so much stronger than the office space market right now, and they're definitely looking for ways to spend more money on the space to convert them.
It's a shame, because the new museum is in fact outstanding on museum terms. They've done wonders with their collection, too, and brought in great temporary exhibits. Your comment, YNG, would be more appropriate if applied to the old SAM, in their hideous 1991 Venturi building, not the new one. Not to say they haven't made mistakes, probably including the sculpture park, but it's now a great new-city museum -- which it never was before.
It's also ridiculous to cavalierly dismiss the multi-million-dollar hole in their budget -- about a fifth of the total. That's a major crisis in nonprofit fundraising terms.
It's a shame, because the new museum is in fact outstanding on museum terms. They've done wonders with their collection, too, and brought in great temporary exhibits. Your comment, YNG, would be more appropriate if applied to the old SAM, in their hideous 1991 Venturi building, not the new one. Not to say they haven't made mistakes, probably including the sculpture park, but it's now a great new-city museum -- which it never was before.
It's also ridiculous to cavalierly dismiss the multi-million-dollar hole in their budget -- about a fifth of the total. That's a major crisis in nonprofit fundraising terms.
11
I'm with #8, and wouldn't mind seeing former WAMU CEO/Master of the Universe Kelly Killinger (who said, ""We hope to do to this industry what Wal-Mart did to theirs..") lynched.
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