Saturday, July 30, 2011

MSD: IT IS HARD BEING RIGHT

For at least 3 years now I have been questioning the debt of MSD and challenging the structure they have set up that has led to annual rate increases for no reason. Admittedly, I am no accountant but if I could see this disaster looming why in the world could no one else?

This is the latest from the CJ: http://www.courier-journal.com/article/20110729/BUSINESS/307290098/Metro-Council-members-question-MSD-s-high-risk-investments?odyssey=tabtopnewstextHome

SO why has the CJ continually ignored the problems at MSD until AFTER Abramson left office?

The facts are that MSD has been running a high risk gamble with our money for many years.


It first came on my radar when Bud Schardein continued to use Birmingham, Alabama as a model we would follow based on his EPA consent decree agreement. Since we were going to follow someone else, as usual, I decided to research Birmingham and see what they were doing that was so great.

What I came up with was nothing. As a matter of fact Birmingham has been in serious trouble thanks to interest rate swaps, and other gimmick financing, that our own MSD has followed.

That is unacceptable and the reason why I pointed these things out in 2008 and since.

Check out this link for more: http://springston.blogspot.com/search?q=birmingham+alabama

It is clear that once again a blogger leads the way, and mainstream, and Government, are slow to catch up.


In the meantime we have endured a 32% rate hike, with Council approval in 2006, and 6.5%, not needing Council approval, each year since.

SO here is the final question for now.

CJ and Metro Council, where have you been?

3 comments:

  1. Did you see the article of Larry Zielke's law firm getting a shorter contract with MSD in today's CJ? At the end of the article it mentions "that Zielke would continue to contract with state Sen. Gerald Neal, D-Louisville, to fulfill its minority-owned business goal." What relationalship does Senator Gerald Neal have with Zielke's law firm, especially considering Neal was a high ranking official at MSD prior to becoming a senator. Wasn't he like chairman of the board or deputy director or something?

    ReplyDelete
  2. That is smoke and mirrors. The article stated thsi was only until AFTER the audit is completed so I don't have much faith in this being the end all of Zielke.

    As far as Neal is concerned Neal used to be on the board and currently is paid by MSD through Zielke as a minority contractor to fulfill Zielke's opbligation of 15% of the business given to minorities.

    Additionally, you can check out more on the Neal connection through his wife Kathy Cooksie. She was the one who had her pay inflated right before retirement so she could pay the retirement system.

    Neal, Cooksie, and Zielke are all peas in the same pod in my opinion. Welcome to the tangled web of the Democrats under Abramson in Louisville.

    Thanks for writing.

    ReplyDelete
  3. Does this sound about right? http://goo.gl/mosmm
    Only a year late!

    ReplyDelete

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