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This page contains a single entry from the blog posted on October 16, 2009 7:55 AM. The previous post in this blog was Why you have to let people smoke in bars. The next post in this blog is Death watch in Spokane. Many more can be found on the main index page or by looking through the archives.



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Friday, October 16, 2009


It's too funny. Little Lord Paulson's ambassadors of damage control on the rapid unwinding of his tortuous stadium deals include former Portland Mayor Vera Katz. This is the same former mayor who signed taxpayers up for the disastrous earlier baseball-oriented remodel of the very same PGE Park that Paulson wants to renovate once again, this time for "major league" (by U.S. standards) soccer.

Katz put the city in hock to the tune of about $35 million for the last rehash, in 2001. There is still more than $26 million to be repaid on the city's bonds for that deal, and the people who were supposed to pay the rent that would service that debt have long since folded their tents and moved out of town. Now we have Paulson and his new soccer deal, which will involve the city borrowing $11 million from bondholders (found by Paulson cronies) and another $11 million from Paulson himself, and we find Katz whispering paid-for nothings into Randy Leonard's ear. I'd write more commentary about this, but we have clearly already crossed the line into pornography.

Comments (28)

Like I said on the BigO, when you think about the dollars p!ssed away by that duo (Leonard - PFDR and PWB and Katz - Where do I begin?) soon to be joined by Paulson, its staggering.

Now they're working together.

It may be porn, but you've got to wonder what sick monkey is into that sort of fetish.

I think we've reached the point where the city and Paulson know that this deal is doomed, so all of this posturing is simply their way of setting the stage for abandoning this project in such a way that they can point the finger of blame and each other.

By the way, if the city actually went ahead and tried to sell bonds to fund this project without reporting that PGE Park can't meet -- or even come close to meeting -- MLS minimum requirements for restrooms, seating, and food concession stand, even with the renovations currently planned, the mayor and city commissioners could be prosecuted for fraud under SEC Rule 10b-5.

Vera is a great lady, but sadly in the end a terrible politician. I have often wondered whether her disaters were the result of Sammy boy's whispers into her ear. Now she has crossed the line. Why?, Why?, Why would she sully her reputation by whoring herself for this little twerp, Lord Paulson.

And to Randy I say, you have been had son. You have become totally useless, a blow-hard of major proportions.Why would I or anyone believe anything you have to say.

even dwight jaynes is playing stupid this morning.

It may be porn, but you've got to wonder what sick monkey is into that sort of fetish.

Judging from how many of these characters get re-elected, time after time, my guess would be Portland voters.

This is why I say that the Paulson story in Portland is an allegory for the entire debacle of government in America lately.
Everything symbolizes something bigger and Mayor Katz going to work for the Paulson side is business as usual.

Jack, you are the King of Portland Nicknames, and I'd never suggest replacing Little Lord Paulson. But may I suggest an addition to his title? How about, "His Royal High Maintenance"?

"could be prosecuted for fraud under SEC Rule 10b-5"
Muni securities litigation under this rule is rapidly expanding. Remember how they told everyone the General Fund would not be at risk? Well it is - these bonds (with 20% higher rate then junk bonds) CANNOT be issued without access to the General Fund in the case of default.

I can't believe the advice Paulson is getting from Vera Katz and her PR outfit. Is Paulson actually PAYING for this advice?

That guy has walked into one PR disaster after another. Memorial Colisuem, Lents, Beaverton, now this. You would think a guy as bright as Paulson would figure it out.

This current dustup was every bit as self-inflicted as the huge fight against the Biggie family in Beaverton. Paulson allowed himself to get dragged into that fight, and portrayed as a backroom dealing rich guy trying to displace a slew of small businesses. Great public image there!

Paulson better hit "reset" quick. He is one self inflicted wound away from being the town punch line.

"Vera is a great lady" - that anyone could start a sentence with these words shows the effectiveness of her PR folk, and the folly of universal suffrage. She trained Sambeau in the Black Arts, not the other way around. Her legacy is debt, insider giveaways and boondoggles.

Katz horrific legacy goes back to her days as a legislator and Speaker of the House with her championing of the ongoing CIMCAM debackle.
I doubt there has ever been a person more unsuited elected office and incomeptent n Oregon's history.
Her counter part with equal talents for detriment, Kitzhaber (former Senate President) is about to be governor again with greeting from the left as if he is also great?

"You know, comrades," says Stalin, "that I think in regard to this: I consider it completely unimportant who in the party will vote, or how; but what is extraordinarily important is this — who will count the votes, and how."

Boris Bazhanov's Memoirs of Stalin's Former Secretary

Maybe Portlanders haven't really elected them at all.

If you drive a truck into a pole the first thing you do is get out and run like hell!

But if you're a power broker you first take a bow, collected a check, then run like hell!

Jack: Off Topic

They are having a contest to rename fairless square. You should have your own contest here on the blog.

Sorry...fareless...although the other may be more appropriate.

It'll probably be like the baby elephant naming contest. They choose the names and the public gets to choose among the pre-selected possibilities.

Consultant necessary, of course.

Geoff, have you considered removing the word playing from the Dwight Jaynes sentence?

Seriously, it's time for a new primetime soap opera. Forgettabout "Dallas"...... "Portland City Hall" has got sex, greed, rogues, eye candy, dweebs, deception, power, and money to spare. If we shopped it to a network, maybe we could have a new fusion show.... reality meets soap opera.

Maybe we could put Paulson, Adams and Leonard in a helium balloon and cut the tether.

Re: Fareless Square renaming.

In the Oregonian comments, someone suggested "Square Less Fair".

None, the problem is that sooner or later, the balloon would come down, even if it was about 100 miles due east of Long Island. At that point, Portland would still be fined for illegal transport of toxic and infectious waste, and then someone else would still have to clean the mess. It's better to clean it right there, preferably with fire.

A few words taken out of context and the entire Portland media echo chamber goes nuts. When are we going to knock it off with the non-news? I'm just waiting for Greg Oden's contract extension to come up... The O will have a heyday casting about useless, unimportant quotes.

Maybe we could put Paulson, Adams and Leonard in a helium balloon and cut the tether.

With all that hot air, who needs helium?

"eye candy"???????

I'm very disappointed with Jaynes for buying into the Timbers Frat Boy Army line about "Why shouldn't the city build the stadiums, they'll own them" -- it's one thing for drunken louts to think that, but a guy like Jaynes knows better.

It's the same as putting lots of dough into a Dish TV system setup for your house --- who's got the whip hand once you've invested all that money, you or the Dish folks? You own the receiver -- whoop tee doo, it's a big paperweight without them. So too with cities, sports, and stadiums. The hustlers want the cities to build the stadiums because it puts them at the mercy of the hustlers forever.

I don't begrudge Dwight his undying support for all things Merritt Paulson. Dwight makes his living off professional sports; more of that is what Paulson represents. Plus, His Royal High Maintenance Henry III is a former NBA suit, and that blood is thicker than water.

Yes, and we know what else is thicker than water and is shoveled in mass quantities by the sports hustlers.

Peter Apanel brings up the SEC in the context of this whole plan being falsely sold.

Isn't there also some ethics or insider-trading questions surrounding how the Paulsons say they will find a buyer for the bonds? It looks like it to me.

The city is contributing $11.2 million to the PGE Park renovations. After interest, this amount will be $44 million. That means almost $33 million will go to investors. Who are supposedly being set up by the Paulsons.

Doesn't that strike anyone else as unseemly?

"There is still more than $26 million to be repaid on the city's bonds for that deal"

I don't know whether to laugh or cry. Maybe punch a wall?

Politicians (especially in this town) simply don't know what money is. You'd think that after going through the budget process every year (and laying off hundreds this year) that they'd have some sense of what is a necessity, what is a luxury, and what is a money pit. But no....


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