"You were definitely damaged," Financial Adviser Bob Fuller told Council,. But he suggested that the County would be better off participating in a class action instead of going it alone.
Controller Steve Barron called the LIBOR scandal, as it's called the "crime of the century." Exercising 20-20 hindsight, he claimed he's "watching it very carefully" and "we have to stay vigilant."
Council Prez John Cusick, who initiated discussion on this topic, is dubious about the wisdom of a class action lawsuit. "To me a class action suit is when I get a coupon and some law firm gets millions of dollars," he joked.
But it is Cusick who noted yesterday that Baltimore has already filed what appears to be a class action suit.
Council also unanimously adopted an ordinance that swears it will never, never, never, never, never, not ever, ever, ever, ever enter into a swaption again. Not ever.
The Ordinance is completely illegal because a Council has no authority to bind future Councils. But they wanted to make a point, I guess.
9 comments:
The incompetent leading the incompetent. The state of Northamton County government. What a joke.
sorry but your 25 million dollar figure is wrong I the correct payout for the swaption was 27.275 million
just by opening his mouth stevie the kilted clown makes an ass of himself again. at least he's consistent.
And here I thought it was the public sector unions destroying municipal governments. You mean it was rigged financial systems causing unsustainable losses in pension plans? Wow, someone call Clem.
The pension obligations were NEVER sustainable. Swaption was wishful thinking pushed by those who though money grows from trees and lunch is always on somebody else. Memo to council and the unions: money doesn't grow on trees and there is no such thing as a free lunch.
Bo, serious question. How do you honestly feel about this current council? And do you feel the upcoming elections, with 6 seats up is a good thing?
As you know, I supported both Ron Angle and Mike Dowd. But I have to say I am very impressed by Werner and Parsons. They both work hard and make their own decisions. I have known Ken Kraft since his days on the Elections Commission and as a Beth ZHB member. He is another hard worker who impresses. This has the potential of being a Council that can get things done.
will Panto run? That is the question. If he does, even with the commuter tax he shows that he is honest and no one works harder. If he doesn't it is a free for all and just more of the same.
The crime of the century has been stuffing the pockets of millions of welfare queens and kings who are 'rewarded' with more money for more kiddies. That poverty culture is at the root of virtually all our problems.
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