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Thursday, October 25, 2012
Philly Swaption Tab Might be $186 Million
Northampton County recently forked over around $25 million as a result of a swaption deal gone bad. According to the Inky, a similar deal in Philly could end up costing 186 million.
16 comments:
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Northamtpton could have only paid a third of that amount if John Stoffa had been a leader and pulled the trigger.
ReplyDeleteInstead he was a politican worried about his popularity.
I've been over this a gazillion times. Tis monstrosity was foisted on Stoffa by Reibman and the 2004 Council. Had he pulled the trigger and the value went down, you'd want to surcharge him. He was put in the position of gambling with taxpayer money. And where the hell were you?
ReplyDeleteBy the way, Council members like Lamont McClure did not want to pull the trigger at all. They'd rather sit with their heads buried in the sand.
Actually council paid less than 27 million. The floated taxable bonds for some of the buy out plus Bank of America took some off the cost.
ReplyDeleteOops that should say 25 million not 27
ReplyDeleteYeah, that's what I remember. The 2012 Council is a good one.
ReplyDeleteI guess they were sitting along with Stoffa with all their heads buried in the sand. You know Bernie, we all know you adore Stoffa but that doesn't make your argument cogent, logical or right.
ReplyDeleteLeaders are elected to lead, not vasilate and wring their hands over their predecessors actions.
ReplyDeleteBernie,
This just in....Corbett gave Cabinet and top level administrators, raises exceeding $10,000.00
CHECK it OUT!
Some of them are NEW
ReplyDeleteWell, we have to pay for our own mess.
ReplyDeleteDon't be surprised when the slum of Philly puts its hand out to the rest of the state, and the vote buyers pass some kind of tax on sugared soft drinks or other nonsense to make us bail that hell hole out.
-Clem
While not $100 million, Stoffa wanted to incur $30 million in taxpayer debt for a crazy scheme that included a parking garage for county employees.
ReplyDeleteWe can conclude that Stoffa is only 1/3 as idiotic as the guy whose mess is still being cleaned up.
Stoffa has been all over the place between ridiculous spending schemes on the eve of an economic collapse to more recent belt tightening talk:
http://articles.mcall.com/2008-05-15/news/4080673_1_bond-issue-million-bond-parking-deck
When something sounds to good to be true, it usually is. Reibman and Stoffa are to blame for the Swaption exorbitant costs. Reibman for buyiny into it, and Stoffa waiting more than five years to get out of it. This was brought to Stoffa's attention when the price tag was 6 million. It went to 27 million under his watch. Sorry Bernie, Facts are facts. The problem with Stoffa is simple. STOFFA CANNOT MAKE DECISIONS> HE IS THE BIGGEST PRONASTICATOR EVER YO HOLD OFFICE IN NORTHAMPTON COUNTY>
ReplyDeleteSorry procastinates
ReplyDeleteI mean prognasticates
ReplyDeleteOh never mind. U no watt I meen
ReplyDeleteNo question Stoffa screwed the pooch on this deal.
ReplyDeleteJohn's a career government guy who knows nothing but paralysis by analysis. Point well made re: his inability to lead due to his indecisiveness. Nice man. Poor leader.
ReplyDelete