NOBIDNew Orleans Business and Industrial District
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(Stevens subsequently tinkered with the law, loosening the requirements that the corporations' subsidiaries be Native managed, and entitling them to get lucrative nobid contracts with the federal government.
In an apparently secret, nobid sale, the state-owned Rosneft oil company bought an obscure company that several days ago purchased Yukos' most important production unit, Yuganskneftegaz.
So it was no surprise that when Bill Daley became its president he aggressively pursued taxpayer-financed business and the bank received lucrative nobid contracts, like a $65 million bond issue from the Chicago Park District, or a $100 million bond issue from the Regional Transportation Authority (whose chairman was the senior vice president of the Chicago office of Donaldson, Lufkin & Jenrette, which at the time had received more than $750,000 in underwriting fees from the city during Richie Daley's mayoralty).
VA servicing should be specifically excluded from recourse treatment because a borrower default does not automatically trigger a nobid. VA no-bids represent a small percentage of all VA loans being serviced, and lenders establish reserves for nobid risk.
Cuomo himself intervened to give Glynn a new 30-year nobid contract in New York.