UPDATE: The Banker interviewed Ed Garza and made some corrections: “A Review of SAISD President Ed Garza’s Real Estate Deals”, Bankers Anonymous, June 6, 2013; my subsequent post.
The Banker, who blogs at Bankers Anonymous, has a personal interest in the success of the San Antonio Independent School District: his oldest child attends an SAISD school. So, as a highly motivated parent-advocate, he used his skills at assessing real estate transactions to look into some of San Antonio ISD Board President Ed Garza‘s deals.
I have to say, his track record on a number of real estate deals is incredible.
By that I’m using the literal meaning of the word: Not credible.
In the following posts I review some of the details that I find incredible, or at best highly unlikely.
I believe the results would need “help,” possibly via political patronage or influence peddling.
“A Review of SAISD President Ed Garza’s Real Estate Deals”, Bankers Anonymous, June 6, 2013; “SAISD Board President Ed Garza’s Incredible* Real Estate Deals”, Callie Enlow, San Antonio Current, June 6, 2013.
The Banker looked at these transactions in detail:
He didn’t find anything illegal, but he sees “a pattern which, as an experienced real estate investor, I don’t think could be reproduced by others.” It confirms the impression in the community that Garza is more interested in real estate than in education.
Earlier this year, as noted in this post, The Banker criticized the selection of Manuel Isquierdo as the sole finalist for the position of SAISD superintendent because of Isqueirdo’s history of tax and real estate problems. Isquierdo later withdrew (earlier post) and the board offered a permanent job to interim Superintendent Sylvester Perez (earlier post). An Express-News editorial praised the board’s selection of Perez, citing the need for “a period of stability”, “Sylvester Perez good choice for SAISD”, San Antonio Express-News, May 28, 2013 (at mysanantonio.com), but is stability what’s needed when there is so much room for improvement?