You can't pay people enough to take on the legal and fiduciary responsibility for shepherding the unholy mess that is our city's finances.

Not to worry. Leonard is screening applications as we speak. LaVonne is helping out.

Leonard is about to announce that the he should fill these positions. Or at least, that the Water Department needs its own.

I was just watching the brilliant Matt Taibbi talking about the looting of America by Wall Street. He ran through what happened to Greece but then turned to an example here in America - a county in Alabama that got involved in a credit-swap, predatory-lending deal back in the early 2000s. Of course the consultants and politicians cleared out when it hit, leaving the people in this county basically walking around in barrels (Matt's description).
What made me perk up was that it was about....replacing their sewer system. They had rates that went up 400%, etc...and what was supposed to cost several hundred million is now at 5 to 7 billion.

I had a weird feeling. I wonder if Portland is caught up in something with the loans for sewer financing? What sounded so familiar was when Matt said the politicians used the sewer system to raise money for other things.

I don't know if Portland has made these mistakes. I sure hope not. Matt says it's happened all over America as these firms sought out governments of every size from entire countries like Greece down to little towns, and offered them money-creating deals to refinance a project, complete with an endless army of consultants.

It all sounded so familiar.

Could it be that the reason Portland's main financial jobs are open is because the insiders at city hall know there's big trouble on the way?

They are looking for someone compliant with GAAPC (Generaly Accepted Accounting Principals of CoP).

From here on out, money is going to get expensive, they have to compete with all those T-bills courtesy of Bush/Obama spending programs. Plus don't forget the big bump in PERS contributions next year.

I'd recommend someone with a background in the magical arts of illusion.

Bill..
We laugh at Leonard and all his antics, but things are getting scary. The scenario you describe is going on at the Portland Water Bureau. They are loading up on muni-bond sales (Jan. 2010 latest) and are running at about 40% debt service and growing. Double digit rate increases clear to the horizon. If responsible people were managing PWB we would be recognizing the projects they are calling for are unneeded and won't help public health. Compound that with PWB Shaff's engineer buddy getting the lion's share of the contracts and there you go. Looking into the financial abyss. Guess I'll go find a barrel or two.

New CFO has apparently been named, though no city-wide announcement has been made. I believe the last name is ???? Goward - may have been the CFO for Salem-Keizer schools. Will start in mid-April.

Don't forget - the City Controller position is also vacant. But, both it and the Treasurer work under the CFO, so likely the powers that aren't wanted to fill the CFO first.

When is someone/something going to call the PWB and Randy Leonard on their shenanigans? It can't be soon enough.

Deborah,
Don't know when PWB and Leonard will be called on their shenanigans. What about our Mayor and the rest of Council? Why do they go along with this?

Allowing others to profit from and then degrade the good water from future generations is what will happen if this community does not stop these shenanigans based on deception and greed. Remember the EPA LT2 rule was based on politics not science!

Who is behind this money making scheme?
Financial corruption is one thing, but the line has been crossed when they want us to literally swallow the toxic chemicals that will be added to our drinking water. Apparently they have no conscience regarding the health of the people in our community!

We can no longer afford to have officials without a conscience making these critical decisions. What to do? If we have to, recall every one of them that will not stand up with the truth and fight for our wonderful water. The EPA LT2 rule is being used as an excuse for their underhanded behavior.

Adams needs to be held accountable for this too. He pushes green and sustainable, but will not stand up for our sustainable Bull Run Water System and Reservoirs.

Leonard also needs to be recalled for this. He can no longer be trusted after what he has done with all his emergency ordinances. It is like he is racing with his water bureau to dismantle our system before Senator Merkley can assist us with an exemption from this rule. The treasure of our Bull Run Water System and Reservoirs that have served our community so well for 100 years must be preserved and the legacy must be passed on intact as the gift that was handed to us by past generations.

Back to what the column began with - yes it might be difficult to get financial people on at this time as I can see they might not want their name listed as a person involved should the house of cards fall down.

Regarding the water matter, citizens need to know - our community will be indebted to over a billion dollars more for projects not necessary. The water bureau is already very heavily into debt.

There's another wrinkle to this: The influence of corporations led by Wall Street in making these projects happen.
For example, that county in Alabama did not vote for a new sewer system. They were ordered to get one by the federal government. That would be one thing if the feds were immune from influence, but just think what the entire scheme could look like:
1. The corporations that would profit from the project "persuade" the government to force us to do something.
That includes Wall Street. It could be something like covering a beloved city reservoir.
2. Then once the citizens are forced to finance it, Wall Street shows up with a predatory loan, or comes in later and offers a "better deal" that would lessen the payments temporarily and give the politicians some fancy spending loot for their pet projects and pet people. This is all done as an army of consultants greases everything through.
3. The project may get built but the financial deal goes bad. The next thing you know a Wall Street firm shows up demanding payment for a huge crazy loan they sold us.
Worse deals are made to try and survive the earlier deals until the money goes from a couple hundred million to 7 billion.

Just look at the titles of the books coming out about the era - "The Big Short: Inside the Doomsday Machine" or the new one, "The Devil's Casino."

Just look at Greece. The reason there are riots in the streets is that one day Wall Street called with a fancy new financial instrument and they made the mistake of answering the phone.

I doubt if the local leaders are up to the challenge. One clue is that they are currently throwing more money at Henry Paulson, who ran Goldman Sachs during the era when these reprehensible scumbags first started putting their greed ahead of America's survival.

Wall Street "bankers" are the problem which is why their flunkies in Congress are so resistant to bringing back the regulations put in after the Great Depression.

Maybe they'll act after the next one.

Meanwhile, I'm wondering if buried in all these ridiculously complex financial deals here in Portland, there is a nasty little poisonous seed that will soon begin to grow out of control.

A seed that could cover all the city's walls with an ivy of toxic debt, 'til they weaken and fall.

Bill McDonald,
Thank you for pointing out the connections for all to see.

Sure does seem like a coincidence that Leonard is for the Goldman Sachs/Paulson stadium deal and on another track pushing to dismantle our Bull Run Water System.

A link for those who haven't seen this:
http://www.foodandwaterwatch.org/water/report/money-down-the-drain/