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This page contains a single entry from the blog posted on September 14, 2012 2:50 PM. The previous post in this blog was So they loaded up the truck and moved to Portlandia. The next post in this blog is Have a great weekend. Many more can be found on the main index page or by looking through the archives.

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Friday, September 14, 2012

Rogue Clacky commissioners get their bank loan

A Friday afternoon bad news dropping: Word from Clackistan is that the county borrowed the $20 million to hand over to Tri-Met for the mystery train to Milwaukie. Apparently Bank of America did the deal, despite its standing on shaky legal ground. It's a development about which all Oregonians should be concerned -- alarmed, even. We'll deal with it in greater detail on Monday. Suffice it for now to say that the scoundrels have won this particular round.

Comments (18)

We can all hope that those three criminals never work at the public trough again.

Of course they probably all have cushy jobs lined up with Trimet or Metro or some consulting firm.

Is it time for a new initiative to forbid the repayment of these bonds?

File the initiative before the bank is able to sell the bonds and maybe the bank can eat the loss for their skulduggery.

How about a boycott of that rogue bank?

Thanks
JK

I can't help thinking that if the Oregon SupCt and Bank of America are ok with this, the rest of you guys are overlooking something. But then, on the other hand, Lehman Brothers!

The Supreme Court has said only that mandamus isn't appropriate. As for the bank, they probably believe that the federal constitution requires that the county comply with the loan contract. Neither proposition is inconsistent with a finding that the loan was not properly authorized. The question might be what, if anything, is the remedy.

Remember WPPSS? Everybody was comfortable enough there, too.

The pressure of "Portland Creep" must be tremendous, obviously, the fix is in, as they say.

I suspect they hope (in their dreams) the voters will forget, but I don't think so.

The opponents will be hopping mad and even neutral voters will reject this type of procedure (not a procedure, but a 'fix' or scheme).

I also suspect the commissioners have been promised if they lose their elections, somehow, they will be taken care of by the powers that be of the "Portland Creep".

No question, they were desperate to get the money and then get it to Trimet before the vote.

This is the visible manifestation of how ruthless the powers that be can act when their objectives are threatened.

Good quality candidates to run against these commissioners at the next election are needed.

I can only hope this 'event' spurs a popular revolt of the voters of Clackamas, which then spreads into Portland proper.

These "Portland Creeps" must be stopped!

Don't we wish!

Outrageous. But I think Ludlow and Smith just won their races. I'll bet the others will go to work for TriMet or Metro.

The bank's counsel should review the various state supreme court cases on the effectiveness of the WHOOPS bonds sometime ago.

I find it hard to blame BofA for extending credit. BofA would probably be facing a lawsuit if they discriminated against the full credit and faith of Clackamas County. GO Barney.

Isn't BoA the bank that never says no to Portland? The whole area must be so far in hock to them they virtually own it, so why would they care?

dhughes609: I find it hard to blame BofA for extending credit.
JK: I don't. They must have known of the coming election and the probable violation of state law.

dhughes609: BofA would probably be facing a lawsuit if they discriminated against the full credit and faith of Clackamas County.
JK: Since when is it against the law to discriminate against a rouge action of a rogue commission? (or other for that matter)

The county should refuse to pay the bonds and let the bank sue those three commissioners for the 19 mil.

Thanks
JK

PRESS RELEASE

Bank of America Aids and Abets Clackamas County Commission effort to subvert voters

$20 million loan for light rail preempts election

Just four days before the vote on Measure 3-401, which would require public approval before Clackamas County could devote public funds to light rail, Bank of America issued a $20 million loan to the County, which promptly handed the funds over to Tri-Met to help pay for the controversial Portland-Milwaukie Light Rail line.

The loan follows several weeks of efforts by the Board of Clackamas County Commissioners to rush through the payment to Tri-Met.

“The disrespect that Bank of America and the County Commissioners who support this loan have shown for voters and taxpayers is simply breathtaking,” said Jim Knapp, one of the chief petitioners of the “Rail Vote” measure. “They know full well what voters will say on September 18th, and so they colluded at the eleventh hour with a near bankrupt financial institution to subvert the will of the voters.

“This kind of behind-closed-doors corporate bank/government deal is the very definition of crony capitalism. “

The Rail Vote measure is the third ballot measure that Clackamas County activists have successfully placed on the ballot. In 2011, voters overwhelmingly passed a repeal of the $5 hike in the car registration fee, and then passed a measure requiring a public vote on new urban renewal districts.

“This county commission is completely out of touch with the voters,” said Knapp. “We all look forward to November, when voters will put Tootie Smith and John Ludlow on the commission with Paul Savas, and the Clackamas County war on voters will be put to rest.”

Upon hearing the news, Damascus Mayor Steve Spinnett said, "The four elitist commissioners have no regard for the people of the community or their constituents

Lake Oswego City Councilor Mary Olson had some harsh criticism as well. "The speed by which the county commissioners have acted to circumvent the will of the citizens is astounding, said Olson. "These continued acts of desperation to advance their agenda are despicable"

Clackamas Rail Vote Chief Petitioners

Mary Olson, Lake Oswego City Councilor
Steve Spinnett, Mayor of Damascus
Jim Knapp, Oak Lodge Water District

Amazing that BOA would risk the bad press and anger of the citizens to try to make a 20mil. loan. Be caught up in a criminal conspiracy charge to help CCBC circumvent state statues?

Makes no sense , oh thats right isn't this the same bank that had revenues drop by 22% or 26 billion bucks in 2011. Then earlier this year instituted some crazy fee schedule that chased GAZZILIONS of dollars out to other banks and especially the credit unions? Yep some smart realtionship manager here.

Pa fetch my rope.

There's got to be something in it for BofA. Naming rights? Redevelopment rights? Is county owned property being used as collateral?

Gotta love Portland being anti-big bank/big business, except when it's awfully convenient. Then the Portland/Metro/TriMet light rail Mafia is in bed with the big banks.

Maybe the next C/C commission will simply halt interest payments until the lawsuits and all appeals are concluded.

Our democracy is doomed if the political establishment can borrow/disburse funds that are being referred to the voters for authorization in less than a week.

As Clint said, "they work for us."

I have my checking account with BA mostly out of inertia. Too many years trekking to the same bank even before it was owned by BA. This lit the fire beneath my tush to take my money and run. To my credit union or a new bank. I doubt that BA will miss me, but I'll make sure I write a goodby note telling them why I left - that I only do business with honorable people. The bank is a people, no?

Clackamas County -- Bank of America

PUBLIC -- PRIVATE PARTNERSHIP

BoBo- I've got some extra pitchforks, tar and recycled chicken feathers from my coop-
(I returned the commercial feathers per Serb's suggestion) Let me know if you need them.


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