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Insurer of Ballpark Bonds Downgraded; Could Bonds Be Affected?
Ah, those kinky ballpark bonds. They've still got San Diego in bondage. The S&M session has just begun, and we'll all be feeling the pain for many years to come. It started out innocently enough. Just a tryst with a hunky football team that won our hearts, and our wallets. The resulting renovations "forced" "poor" John Moores out. "What shall I do?" he asked. His pal McGrory said, let's build a ballpark downtown. I've always wanted one there." To accomplish this, someone had to pay. "We'll rape the tourists," Roger Hedgecock promised on his radio show. "We won't pay a thing." To make sure we were all seduced properly, John Moores found some amphetamines snorting, hormone injecting, steroids mainlining ringers to join his gang for one season that got them right to the top just days before the vote. "Keep the faith" was the slogan. The faith of the Padres organization, overseen by noted and documented briber of public officials, John Moores, was bolstered by the presence of McGrory on their team to subsequently remove all their obligations and increase all the public obligations. The TOT that Roger promised would pay for the ballpark -- doesn't. The hi-tech offices that would give jobs and revenue? Nope. Speculative condos with no infrastructure. And they're crashing...ooops. So the underlying lies of the bonds upon which their always fallacious valuation and trustworthiness have been exposed over the years, as we all know. It's good to see that the shoddy second rate rating agency that certified these clearly bogus bonds is also now down the tubes. Just like the auditors who signed off on the fraud. But why don't they go to jail when it literally means that San Diegans of the future will die from their negligence. Are we supposed to laugh off and say "ah shucks, it's baseball" to our dwindling police and fire protection, bursting sewers, empty reservoirs? Why can't we get that money back from Spanos and Moores? Don, they have our money. They stole our money. What gives? (yet another sdblogger)— January 20, 2008 11:29 a.m.
People Fleeing California, Says Economist Arthur Laffer, Who Did Just That
The lack of an obvious link to City Lights and the Blogs from the main page should be easy to fix. I actually like the new color scheme. *** Back to the original topic, Laffer is laughable, but Don you are correct in the identification of the two headed beast of corporate cronies and government workers domination of political systems. You wrote: "corporate welfare and government employee welfare are a deadly combination" The too work together, from an IT or systems design perspective, it's a spiral. The alleged controllers (unions) of corporate greed, are themselves partners in the greed...like a cancer, it just grows until it kills the host. It's not limited to sports mogul giveaways. Wonder why we always have more and more reasons to put little people in jail for longer and longer? Well, where does the CALIFORNIA CORRECTIONAL PEACE OFFICERS ASSOCIATION fall in the rankings of donors to politicians and initiatives? Right at the top. The GED educated goons beating up pot smokers in prison are the ones determining our crime and punishment policies. That's not right, friends. Same for the educational establishment, the city/county workers, and so many other pubic employee unions. The MEA, Fire/Police and Builders Unions and other carefully timed and targeted independent expenditures have swung elections in San Diego my entire adult life. Often their short-sighted goals coincide with the traditional big boys, the developers, as in the case with all public construction contracts, saddling us with paying for the convention center, ballpark, stadium, NTC, ad nauseum... These are the same unions who's leaders shook hands on the back room deal in the nineties to shortchange the pension in order to free up cash to fund the GOP Convention, Chargers Stadium Renovation, the Ballpark Fiasco, and all the other election winning deals of the Golding era, continued by Murphy and Sanders. With the collusion of corporate and union insiders, fully supported by the UT, television, and radio...how could the public NOT have landed in this damn mess. And at the same time we're over stuffing our prisons with pot smokers, John Moores, Alex and Dean Spanos, Jack McGrory, Susan Golding, and Casey Gwinn are being showered in our money. The State of California will ruin your life if you get caught with a few pot plants in your backyard because prison guards write the laws, but if you destroy entire cities through fraud, bribery, and broken promises...hey, you're a public benefactor. No wonder people are leaving California. (yet another sdblogger)— January 20, 2008 11:08 a.m.
People Fleeing California, Says Economist Arthur Laffer, Who Did Just That
Hey Don, Change is a good thing and I like the new freshened up look. Those other whinners will adapt cause they like offering their comments.— January 19, 2008 4:37 p.m.
Union-Tribune Lays Off 27, Says 18 More Will Go
"The trouble with that is the public is familiar with many newsroom names. It is not familiar with names of people in other departments." Oh, please, Don. The real trouble is that the newsroom is familiar with many newsroom names. The newsroom is not familiair with names of people in other departments.— January 19, 2008 4:24 p.m.
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Pete, are you out there?— January 19, 2008 3:10 p.m.
Union-Tribune Lays Off 27, Says 18 More Will Go
Don, As I read through your blogs I notice 2 things. As a reporter myself, I am reminded that my job is much harder than yours, a columnist. As a reporter, I report facts. Facts that are checked and verified. In your columns, the only facts I see are actual documents put out by the company. Any time you site sources, it is wrong. Reporters get facts, columnist give opinion. Your column also typifies the arrogant newsroom attitude we see at the UT and all newspapers. Your columns, regarding general layoffs, have given no human face to anyone else but newsroom people. There were other great people who unfortunately lost their job due to the downturn in the industry. Yet you dehumanize them with zero coverage. Try giving others some face time in your next column. The rest of the company is just as important as the newsroom.— January 19, 2008 9:34 a.m.
Give Bees a Chance
If O.J. Simpson can come up with $35K or so for his bail bind, why isn't Goldman able to take that cash before Simpson can use it? Why is bail money exempt from a judgement? Simpson should be followed and everytime he has a dollar in his pocket it should be taken to satisfy the restitution order and judgement. O.J. should nit be allowed to slowly enter society again. He's an idiot.— January 18, 2008 8:24 p.m.
People Fleeing California, Says Economist Arthur Laffer, Who Did Just That
Wait! Don't leave! Didn't you know that tribal gaming is going to save us all? San Diego, if it ever builds a billion dollar stadium, will make millions every 10 years. And those potholes? Hey, they way we're building there won't be any streets left! Stick around, we've got more fun things in mind like repealing Propostion 13. Who needs those pesky old folks!— January 18, 2008 8:20 p.m.
Insurer of Ballpark Bonds Downgraded; Could Bonds Be Affected?
It doesn't mean anything to either the City or the investors who own the bonds. The City is precluded by the State Constitution from defaulting on the bonds. The City cannot escape liability by filing bankruptcy. No matter how bad the City's finances become, the bondholders must be paid even if it means laying off half the City's workforce and stiffing the pension fund. The insurance is worthless and only a fool would pay extra (accept less yield) on an insured bond. Ignoring the State Constitution, if the City of San Diego defaulted on the bonds, it is likely that every city in California would also be in default at the same time. The insurers would not have the assets to pay off the claims. The City's best alternative is to sell the Ball Park to private investors and use the cash to pay down the bonds to an affordable level. The Ball Park is a financial albatross for the City. If the Ball Park was sold to investors for $50 million and the proceeds were used to pay down the bonds the City would substantially reduce its interest costs over the term of the bonds. Not to mention the elimination of maintenance costs which is money flushed down the toilet.— January 18, 2008 7:25 p.m.
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More vodka, please.— January 18, 2008 7:22 p.m.