At Tri-Met, nothing succeeds like failure
Al the Blogging Bus Driver sends along this fascinating video of the president of Tri-Met's wayward board of directors twisting Tri-Met CEO Crocodile Hansen's arm to get into the futures markets again. This after a recent disaster in that area.
Would it help to know that said chair is a retired Wells Fargo executive? Let's see... banks... risk... taxpayers' money... underwriting fees... By George, that sounds like a great plan.
| Posted at 9:41 AM | Permalink |
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Comments (13)
27 million short right now?
Lets double or nothing right!
Posted by al m | February 26, 2010 11:34 AM
Something about that still shot of the TriMet board meeting reminds me of a mysterious grainy photo smuggled out of North Korea or Saddam era Iraq.
Posted by none | February 26, 2010 11:38 AM
North Korea or Saddam era Iraq? Come on, he looks like Vladimir Lenin!
Posted by John Rettig | February 26, 2010 12:35 PM
Well if they can't run the bus lines or collect the train fares why not try their luck on the stock markets? I hear those cap and trade derivitives are a real steal these days.
Posted by Portland Native | February 26, 2010 12:40 PM
"Although it might look from the outside like one of [the fuel hedge gambles] didn't work, it allowed us to budget.."
Are these imbeciles for real? "Although it might look from the outside that putting my entire paycheck into Powerball Tickets may not work, at least I'll be able to budget. You can bail me out later." Morons!
Posted by Morbius | February 26, 2010 1:11 PM
Thanks to Al M, and you, for pointing this out.
This is absolutely outrageous.
Posted by Gen. Ambrose Burnside, Ret. | February 26, 2010 1:22 PM
Per your Blogging Bus Driver link, Looks like MAX killed its 23rd victim today. Here is the list;
http://www.portlandfacts.com/transit/maxkills1998-2006-04.html
Thanks
JK
Posted by Jim Karlock | February 26, 2010 3:00 PM
This the same TriMet bor who had not a single question or comment when the TriMet staff reported to them that WES had been operating for a year.
Thr TriMet board is worse than useless as an oversight committee.
Posted by Ben | February 26, 2010 3:46 PM
'course, there's plenty of pork in the road biz too
http://www.oregonlive.com/news/oregonian/steve_duin/index.ssf/2010/02/columbia_river_crossing_100_mi.html
Posted by George Anonymuncule Seldes | February 26, 2010 8:13 PM
This is the same Board of Directors who questioned the Mayor of Wood Village when he publicly stated it was time for this Board to go, and be replaced with an elected Board.
The Board that said that TriMet needed a "professional Board of Directors" with transit experience.
When I can fuel up my diesel rig at Jubitz, and pay less on the spot market, than TriMet pays on a long term contract - AND, when TriMet is a tax-exempt entity and gets the benefit of that, and I still pay less - SOMETHING IS WRONG, FOLKS!
Posted by Erik H. | February 26, 2010 9:12 PM
Hedging commodity prices is not that hard, or expensive to do. Farmers have been doing it pretty routinely for a long long time. Something is wrong with this picture, and it makes me wonder whether TriMet's money was lost to corruption, incompetence, or both.
Posted by Frank | February 27, 2010 8:19 AM
I agree with Frank. the concept of hedging these costs is not new, and makes some sense if done right. What disturbs me about the video is the late arrival of most of the members, during a pretty important discussion.
Posted by Drew G. | February 27, 2010 8:46 AM
When one of the former Southwest Airlines executives - the one that kept SWA profitable when no other airline could make money - offers to run for TriMet Board, then I'll support hedging.
Posted by Erik H. | February 27, 2010 4:29 PM