Councilman dislikes bond fee - PittsburghLIVE.com The team of underwriters, lawyers and advisers figures to earn about $2.3 million on the deal.
Doug doesn't like this deal as he isn't in the drivers seat. And, the deal puts the next mayor, perhaps Bob O' (Doug's past mentor) into the back seat once he is mayor. The debt and bond agents are going to be in the front seat, with some others, for some time yet to come.
But the more debt that is racked up by Murphy and the present council, the more our children are going to need to pay down. And, the more the bain-drain and exodus is to occur.
How that money is to be spent is another matter, to be dealt with in additional messages.
The other concern is the intention of Peduto to really walk his talk -- or not. This is a pay-to-play concern. Insiders, cronies, are getting the deal. The payout for them is high.
I hate no-bid contracts. This is a no-bid contract.
Pittsburgh is a patronage town. Pittsburgh is in the hole because we have contract patronage -- such as this deal.
This deal hurts a number of people: children who need to pay back the debt, older people because the children are not staying around to pay off the debt, families who are sure to move in and then move out again because of the debt, the marketplace who is going to shrink and go elsewhere where things are fair, etc.
The deal helps cronies who get the windfall, Mayor Murphy, and those on city council who have driven this city into its crisis.
The money from the bond's income is going to keep a new coat of lipsitck on the pig for another year so that the riots in the street don't happen while this group is still in office. This is worse than band-aid politics, as it is a band-aid on a credit-card.
These are the ones who are worried about zoning laws for quick cash bandits and neighborhood retail zoning ordinances that prohibit preditory lending outfits.
Bond deal corruption cases litter the landscape of American politics. City by city, there are bad deals that are being done. This is a prime example of what not to do.
Doug Shields, I'll stand with you on this one. We share some of the same motivations. Sadly, I think we'll stand alone.
A small vicotry came as the vote was delayed, for at least a day.