Lien sale looked good then - Pittsburgh Tribune-Review With Pittsburgh short on cash but flush with unpaid tax bills in the mid-1990s, then-Mayor Tom Murphy received an offer that must have seemed too good to be true.I'm waiting for Tom Murphy to come back into the state-wide news by organizing a new deal so as to sell off the Pennsylvania Turnpike.
Capital Asset Research, a private company later taken over by MBIA, a New York-based bond insurer, wanted to pay Pittsburgh more than $32 million for liens against property owners who hadn't paid their taxes.
More than a decade later, Mayor Luke Ravenstahl's administration is negotiating to undo the agreement with MBIA by purchasing the tax liens for pennies on the dollar.
'Everybody realizes it was a bad deal on all ends,' said Adriane Aul, vacant property program manager for the Pittsburgh Community Reinvestment Group. 'It was a short-term solution that created a very long-term problem for everybody.'
Perhaps I should send him an invite to hatch a deal for the Wabash Tunnel. He could unload that for PAT's sake as they don't want to operate it any longer. Funny how I want to turn one lane of the Wabash Tunnel into a bikeway while cars and buses can still travel on the other lane. That is something that Murphy should support as he is so pro trails. Such a joke too.
Back to the article. "Did anybody expect this nightmare? No, no, no. Nobody did it intentionally. It's a real process we've gone through." Well, I expected the nightmare.
People will wake up to the evil that lurks behind the increases (recent and more are proposed) in the deed transfer tax too, some day.
Put off the 'day of reckoning' -- or -- as it should be stated, 'era of wreckoning.'
Blind spots are killers. Too often people choose to accept blind spots. Think again!