"Bob will be to building what Postman Pat is to the Royal Mail, a decent bloke doing a decent job, " reported the industry journal Construction News.

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When converted, the bonds would become equity in Bear Stearns that would amount to 10% to 20% of its total equity, making China Construction Bank its largest shareholder, according to the Journal's account.

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In December the developer received a notice, reviewed by The Wall Street Journal, from a municipal agency ordering a halt to construction because of the missing permits.

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Back in 2005, while advertising director for the Austin Business Journal, Garrett was shocked that no local publication was covering the construction of a huge toll road.

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Things seemed to be further along next door, at "A Journal of Insomnia, " where a large black cube was in the final stages of construction.

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