Archive for the ‘Money Woes’ Category

It can’t be wrong, if it’s for Our Precious Children

Tuesday, November 22nd, 2011

Because they are our Future. Anyway, this was buried on page 4C, under the weather forecast. Judge Tracy McCooey has decided that the phone company will just have to keep on collecting a fee from all of its customers in order to pay for telephone service aiding the deaf and blind. The only difference is, now that money will go not to telephone service for the deaf & blind—their equipment is all paid up, thanks to careful management—but to the education fund. And this makes good sense, because the education fund sure needs that money! So just shut up, okay?

Says Jay Love (R-Montgomery), who sponsored the brilliant bill transferring the money: “I certainly felt like when we passed aussie online pokies that bill that it would withstand any legal challenge, and I’m glad the judge agreed.” Uh-huh. I can’t imagine why the PSC even sued.

The possibilities here are limited only by the human imagination, guys. How about…a fee added to all grocery bills, to pay for those electric wheelchair carts for the disabled—except we’ll use it to pay for court clerks. Or a energy conservation study fee added to your electric bill—hey, that could pay for prison expansion!  This is going to revolutionize taxation in Alabama, already the lowest-taxed state in the country. With any luck, we can put off actually addressing our financial shortfall and developing a sensible, fair tax system to deal with it…well, maybe forever.

 

JeffCo Sues JPMorgan

Friday, November 13th, 2009

It’s about time.  The county filed suit today, charging fraud, conspiracy and unjust enrichment.  The suit also names Larry Langford, Bill Blount, Al LaPierre, and former JPMorgan bankers Charles LeCroy and Douglas MacFaddin.

“JPMorgan, JPMorgan Chase, and Blount Parrish were paid millions of dollars as a result of the issuance of variable rate demand warrants and auction rate warrants and the closing of interest rate swap transactions,” the county says in the lawsuit. “The price the County paid for these transactions in terms of fees and interest rates was artificially inflated by millions of dollars, to account in part for the fact that JPMorgan’s scheme to secure the County’s business included bribes, kickbacks, and pay-offs the Defendants paid to or received from each other.”

JPMorgan already agreed to pay the county $50 million as part of a settlement with the Securities and Exchange Commission.  It’s only a drop in the bucket of the $3.2 billion the county owes.  We can only hope the company is still in a settling mood.

Putting a Face on the Economic Crisis

Saturday, November 8th, 2008

The people on the front lines are the first to fall. We’re all stretched this year, but I hope and believe we will do what we can to help those who are hurting the most.

Is It Time to Hide the Money in the Mattress?

Monday, September 15th, 2008

Lehman Brothers, unable to find a buyer or get a federal bailout, has declared bankruptcy; Merrill Lynch will be purchased by Bank of America; AIG is discussing options with potential buyers.  I woke up to these stories on NPR this morning.  More shoes to drop?  The Magic 8-Ball says “most likely”.  And also “outlook not so good”.