Entries Tagged 'Letter to Editor' ↓

How the events center may push our city into default

Letters to the Editor • DATE  April 13, 2012

By Dan Daily, Sioux Falls, SD. Whistle Blower and Constitutional Democracy Advocate in a city with Marxist Leaders

Readers and Bloggers:

I used to submit letters to the Argus. Pre 1994 (Home Rule & Munson) they were sometimes printed. After, it was rare and they were much modified. I sometimes read a Jonathan Ellis article when someone leaves a newspaper behind. Someday, Gannett will discover the Argus is a propaganda machine not unlike channel 16. It will be the end.

I’m sure this letter would never make it into the Argus.  Here goes.

The city of Reno NV is suing Goldman Sachs. They issued bonds portrayed as safe that became toxic. Reno, known as the biggest little city in America, is the size of Sioux Falls. They were to build a $110mil events center that inflated into $300mil. The securities somehow became more associated with distressed redevelopment debt (parking garages and such), a sophisticated pyramid scheme. Falling revenues forced the city to dramatically cut staff by a third.  For Sioux Falls, cut the third that lives outside city limits. The suit alleges misrepresentations and omissions.  Reno hired a private firm with lead attorney named Peiffer (interesting parallel). Goldman eventually told Reno to issue $330mil high risk ‘Auction Rate Securities’ that ultimately fizzled. A councilwoman stated ‘they knew these were bad and they sold them to our city anyway’. Auction Rate Securities have low interest but depend upon financial institutions to keep the pyramid rising. Fundamentally, it’s like lending you more on your house than it’s worth with little or no credit qualification. Reno has ‘Trench Debt’ and penalties with no ground broken for an events center.  There’s a $47mil forbearance and $8mil penalties.  Reno faces default forcing bankruptcy.

Source:  Reno Gazette Journal – April 12, 2012

South DaCola LTE – Dam Nonsense

When there’s flooding republicans get together and (with help) fill a single sandbag.  The problem at Pierre is an opportunity for media  time.  DoorStop (Daurguard) gets his face on the news.  So that’s what the default governor looks like.  Thune shows up with a bomber jacket and every hair in place.  Ever notice how the camera shoots him from chest high so he looks taller and less skinny.  There’s video of the state welfare mom (Noem) flying around in a helicopter.  The last time I flew with a token PR woman was to Deer Mtn. (12,000’) near Steamboat CO.  She nearly got us killed because the pilot was showing off with a full load at high elevation.  Helicopters struggle above 10,000’.

Here’s an idea.  It’s complicated for republicans so s-l-o-w and say PORK (aka diverted federal tax dollars) often.   BUILD ANOTHER DAM; somewhere between Fort Thompson and Pickstown, somewhere to put more water, and somewhere that’s rural but mostly flood plain.

‘DO A DAMN DAM WITH PORK FROM BILLS OBAMA WANTS PASSED’

It’s common sense like PORK for breakfast.  How about hydroelectric so it’ll pay for itself and so we don’t have to raise food or ship coal for energy.  Next year could be drought.  Maybe some irrigation to raise PORK feed.  The Missouri River through South Dakota has more shoreline (both sides) than the west coast of the US.  Add more and build parks with tourist trap stores where they sell PORK rinds.  Jobs during construction and created thereafter!  What do jobs have to do with PORK?

I only cussed once and I got in some politician PORK roast.  SouthDaCola is the only site where there’s freedom of speech and circulation outside from sewing circles.  The Argus screens all but canned or properly biased material.  How do you get into the KELO web site?  PORK is better digested with some COLA.

Dan Daily