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?