Some great research on Brookfield, potentially naming them a major player in the subprime mortgage crisis.
"they are a massive multinational real estate corporation using their power to shut down a movement to challenge corporate power that was spawned by the very financial/real estate crisis they helped create. "
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Everyone is free to use any of this. I do think collectively we need a bit more sophisticated research on the tie-ins to the mortgage crisis before making any claims -- stephen lerner and other union folks, could you guys help out? -- but we can at least be publicly asking the *question* now. So to reporters I'd say something like:
"Brookfield is a major player in the real estate market and owns $24 billion in mortgage-backed securities. This is a massive multinational real estate corporation using their power to shut down a movement designed to challenge that very power -- a movement that was spawned by the very financial/real estate crisis companies like them created to begin with. This proves just how scared the corporate elite are of the occupiers -- and how critical their movement is to free our democracy from the stranglehold of multinational corporations."
Full disclosure: We are putting all this work in part because I'm pushing to try to get SumOfUs to a point where we can launch on this as a global campaign tomorrow or over the weekend if it is still relevant (several weeks ahead of schedule). But in the meantime I want to make sure that all the groundwork we are laying gets picked up and used as quickly and widely as possible (e.g., with Leadnow.ca
, who are seeing very high action and sharing rates on their petition -- eg, it's now the top item on Reddit Canada less than 3 hours after they sent the blast).
On Thu, Oct 13, 2011 at 10:36 PM, Billy Wimsatt <firstname.lastname@example.org>
Very nice, Taren!
Taren, are you planning to do with this? What would you like people to do with this information?
Is there a version of this message you would like folks to share with reporters?
My interns spent much of the afternoon doing research on Brookfield and pulled together the document copied in at the bottom. A few summary points:
There's a lot of good stuff here, but the most killer potential messaging angle is that Brookfield seems likely to have been involved in the mortgage crisis. We are not experts in this stuff and would love to have someone with expertise in SEC filings, the real estate market, and the like help us out with the next phase of research. Two things we do know right now are that Brookfield's financial arm (Brookfield Investment Management) has substantial holdings in mortgage-backed securities, and that Brookfield is the country's largest commercial real estate firm (by market cap). It'd be pretty amazing if they had somehow managed to keep their nose clean last decade.
The irony would be incredible -- they are a massive multinational real estate corporation using their power to shut down a movement to challenge corporate power that was spawned by the very financial/real estate crisis they helped create. But regardless of the level of their involvement in the financial crisis, Brookfield is not just a bit player in this story. They are a massive multinational acting to protect the same system that they profit from. They are the 1% protecting the 1%.
A couple of initial fun campaign ideas that come out of this exercise:
- Hold small demonstrations outside of open houses/tours of properties that Brookfield Residential Properties is trying to sell -- even just 3-4 protesters holding signs and passing out lit could shake up real estate agents & potential buyers
- The most stunning visual by far is this (might take a moment to download, but well worth it): http://www.brookfieldmultiplex.com/files/documents/skylines/Sydney.pdf. They basically own downtown Sydney (and other major cities -- they don't seem to have images like this for North America, unfortunately). Can we use those images to allow Australians who work in those office buildings to #OccupyBrookfield. Do a photo petition of people who work in those buildings sitting at their desks holding signs saying "#occupybrookfield"? Tape signs up in the elevators? Etc.
Note/Disclaimer: This document is definitely non-comprehensive -- don't assume, for instance, that the fact that we have social media properties listed for only one subsidiary means that the others don't have them -- and you should double-check anything before you use it in an official/public document. It's also a living document, and if you are using or expanding the research from it please be in touch with me and we'll share you on the google doc.
Brookfield Asset Management is an international conglomeration of companies spread throughout the Americas, Europe, The Middle East and Australasia, with total assets north of $120 billion ($21B in Canada, $66B in the US, $16B in Australia and Asia, $15B in South America and $4B in Europe and the Middle East) and an annual revenue of $13 billion as of 2010. Brookfield Asset Management's clients mainly include governments, institutions, corporations and high-net-worth individuals. Brookfield’s headquarters are in Toronto and New York City; the parent company is incorporated in Canada and publicly traded on the NYSE and the Toronto Stock Exchange. The company was founded in Brazil in 1899 as the São Paulo Railway, Light and Power Company.Brookfield's public subsidiaries include Brookfield Office Properties (based in New York), Brookfield Infrastructure Partners, Brookfield Renewable Power, Brookfield Office Properties Canada, Brookfield Residential Properties, Brookfield Real Estate Services and Acadian Timber. (Brookfield Asset Management wikipedia page)Brookfield Asset Management does not have a C.E.O., but rather a management team composed of fourteen “senior managing partners” which include the heads of each major subsidiary or international operation. BAM senior management teamTargets Identified So Far:Richard Clark: President and CEO, Brookfield Office Properties, email@example.com firstname.lastname@example.org. He was recently named one of the top 50 most powerful figures in real estate by Businessweek. His 2010 compensation was $5,146,000.00.Bryan Davis: CFO, Brookfield Office Properties, email@example.com firstname.lastname@example.orgMelissa Coley: VP, Investor Relations and Communications, Brookfield Office Properties, email@example.comKatherine Vyse, Senior VP, Investor Relations, Brookfield Asset Management, firstname.lastname@example.org Major Subsidiaries:Brookfield Office Properties:Brookfield Office Properties is the largest commercial real estate corporation by market capitalization in the US. The company's properties define the skylines of many major metropolises including New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, Sydney and Melbourne.BPO expects to lease 50% more office space this year than in their prior best year.Mayor Bloomberg’s domestic partner Diana L. Taylor on BPO board of directors.Notable assets:
Brookfield Infrastructure Partners:Brookfield Infrastructure: Map of OperationsBrookfield Investment Management, Inc.Brookfield Investment Management Inc. is an SEC registered investment advisor and with its affiliates, had approximately $24 billion in assets under management as of June 30, 2011, including extensive holdings of mortgage-backed securities. Headquartered in New York, the firm maintains offices and investment teams in Chicago, Boston, London, Hong Kong, Sydney, and Toronto. Brookfield Investment Management, Securitized ProductsThe firm has extensive holdings of mortgage-backed securities. Brookfield Renewable Power Fund: The fund owns and operates $16 billion worth of assets which produce electricity exclusively from environmentally friendly hydroelectric and wind resources located in Quebec, Ontario, British Columbia, and New England. These facilities include 42 hydroelectric generating stations and two wind farms with a combined installed capacity of 1,700 megawatts ("MW"), generating on average, more than 6,500 gigawatt hours ("GWh") of electricity annually, with interconnections with the Quebec, Ontario, British Columbia and New England power grids. Brookfield Renewable Power Fund Brookfield Residential Properties:Brookfield Residential Properties Inc. is a North American land developer and homebuilder, active in ten principal markets with over 100,000 lots controlled. Brookfield Residential PropertiesBrookfield Residential regional social media:
Brookfield Incorporações:Brookfield Incorporações has a portfolio of more than 10 million square meters (including both built area and area under development), a land bank strategically located in the states of São Paulo, Rio de Janeiro, Goiás, Mato Grosso, Mato Grosso do Sul, Santa Catarina, Ceará and the Federal District.Acadian Timber: Has 2.4 million acres of timberland under management in the US and Canada. Acadian TimberBrookfield Multiplex:An international extension of the company, BM has properties in London, Dubai and throughout Australasia. Stunning maps of their holdings in some major world cities:http://www.brookfieldmultiplex.com/files/documents/skylines/Sydney.pdfhttp://www.brookfieldmultiplex.com/files/documents/skylines/Perth.pdf
- Zuccotti Park
- World Financial Center: This complex is home to offices of companies including Merrill Lynch, RBC Capital Markets, Nomura Group, the Wall Street Journal, American Express, Dow Jones and others. The entire complex is owned by Brookfield Properties, except for the space occupied by American Express (which American Express owns). The complex also serves as the corporate headquarters for Brookfield Properties, which has its headquarters in Tower Three.
- One Liberty Plaza : One Liberty Plaza is a hub of Wall Street activity, housing the NASDAQ Stock Market Corporate Headquarters (3 floors), and RBC Capital Markets' trading floors. Major tenants are Goldman Sachs (8 floors), Gruntal & Co. (6 floors), The Bank of Nova Scotia (5 floors), the Lower Manhattan Development Corporation and securities law firm Cleary Gottlieb Steen & Hamilton (531 attorneys on 11 floors). It also houses the corporate headquarters of Empire Blue Cross Blue Shield, and insurance companies Zurich (North American HQ, 3 floors) , FolksAmerica Reinsurance Co., Mutual of America, Swiss Re, Greig Fester, THB Intermediaries, Generali, and Allianz and its subsidiaries Fireman's Fund and Interstate/Chicago.
- Darling Park, Sydney
- Bank of America Plaza, Los Angelas
- Brookfield Place, Toronto
Not An Alternative