Monday, June 6, 2011

The Miami Herald calls the City of Miami CFO a "Financial Guru"? WTF?!

Our friends over at Investigation Miami tell us that the Miami Herald is calling the City of Miami's recently departed CFO a Financial Guru!  You all remember Mr. Larry Spring don't you?  This would be the man who purchased his mom's home, stripped the home of all it's equity through a questionable refi where he lied about the home being his primary residence then let the home fall into foreclosure.  Does any of that sound like the work of a financial guru or does it sound like the handiwork of a financial fraudster?

Now, let's take a look at a document that should make Mr. Spring proud...

Larry Spring 14421 Polk Street Final Judgement

What's that you say?  It's the final judgement in favor of the bank that lent Mr. Spring the money for the pump and dump he pulled on his mom's old home.  According to judgement, Mr. Spring owes Deutsche Bank $223,048.29 as a result of the scam he pulled.  Does that sound like something Mr. Spring would want to have on his credit report when looking for his next job?  The subject of people with bad credit looking for employment was discussed Sunday night on CBS4, take a look...

What's this?  Employers check job seekers credit before hiring?  The rationale is that if your credit is in the toilet and lenders have deemed you not credit worthy, you're more likely to commit some sort of fraud on the job, it makes sense to me.  With that in mind, can anyone figure out how Mr. Spring was allowed to keep his job as the City of Miami's CFO considering his foray into mortgage fraud?  Even worse, now that his misdeeds concerning his personal finances are public, where's he going to go?

That brings us back to the Herald's description of Mr. Spring's being a "financial guru".  After watching him literally lead the City into bankruptcy through questionable financial moves and goofy bond refinancing schemes, not to mention the financing games and subsequent foreclosure action on his mom's old home, you have to wonder how the hell the Herald could possibly conclude Mr Spring was a "financial guru".   What was Herald columnist Michael Vasquez on when he decided to call Mr. Spring a financial guru? 


  1. THE NORTH OBSERVERJune 6, 2011 at 1:32 AM

    With the sale of the Miami Herald Building and surrounding land the Miami Herald can continue to save money for their parent company, the McClatchy Company, by shutting down their printing presses and closing up shop. The once respected newspaper is a laughing stock in town where for over a year now blogsites like Investigation Miami, Crespo Gram Report, Take Back Miami and the Straw Buyer have broken stories before the Herald, have better investigative stories than the Herald, are far more independent and less bias than the Herald, and probably depend on less money, staff, and resources than the Herald.

    Quit while you are ahead and learn a little from the Larry Spring Resignation. No matter how you slice it, the Herald is a troubled newspaper facing millions of dollars in losses until -similar to how the City of Miami have dealt with its past and current financial losses- sold its most precious asset (building and land) in order to survive as a newspaper.

    The problem at the Miami Herald is eery similar to the City of Miami. Declining revenues (readership), increasing expenses, untalented reporters, lazy reporters, ethically challenged managers and reporters, and fraternizing with politicians compromising press or media independence and integrity.

    As you, the Herald, reported on Friday that Larry Spring is entertaining job offers in the private sector. Perhaps Mr. Spring, "the financial guru" will be going to work for you, the Miami Herald.


    Those are my thoughts, what are yours? What do you think?

  2. Looks like Larry was just as inept at handling is personal finances as he was in handling the city finances.

    How can a guy who is pulling down $200,000 a year with a cushy government job get into this much financial trouble?

  3. Larry Spring was found guilty of not filing required financial disclosure documents.

    What is Spring hiding?

  4. Larry Spring failed to file for three years? Four years?

  5. I see that Chuck Rabin, Chief of the Regalado Press Office (the Miami Herald) has had his nose up Regalado's butt again.

  6. Looks like Larry Spring is just one more magician in the magic city.Great picture crack head refinancing taxpayer money he must have wallstreet in love or bankers kissing his ass. Larry just refinance the debt cook the books they say youre a guru.Wasted taxes on interest just to extend loans. Bondholder always get paid with tax dollars.

  7. strawbuyer regalado means give away free, given away pretty good last name for a guy that loves to give friends and family jobs and tickets sounds like he is living up to his name.