What value is there in this report?

The city released a report from our bond counsel that tells us that everyone did what they were supposed to do in the financing of the ball park bonds.

The bonds still cost us $22 million more than they would have if the bonds had been sold on a timely basis and not held until after the municipal election.

What else would we expect in a report from a company that makes money from the sale of our bonds?

We still have not been able to find a more recent contract but as we wrote in Nice work if you can find it bond counsel gets paid a percentage of the bonds issued.

bondcounselfees2008

They also seem to do work at the airport, water utility, housing finance organization, the  children’s hospital, and the county if our research is correct.

Should we actually expect this person to bite the hand that feeds him?

Of course “It’s all Good”.

We deserve better

Brutus

7 Responses to What value is there in this report?

  1. mamboman3 says:

    If the bonds are costing us $22 million more, and if the bond counsel gets a percentage from the sale of the bonds, then what do we expect on their report? It’s all good because that extra $22 mil gets the bond counsel plenty of extra payments on her percentage…and that’s just the ballpark deal.

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  2. ManintheMoon says:

    The CC just give Wilson the El Paso CAD board position again. You guys need to recall all of your CC members and Mayor. This idiot Wilson cost you millions and the CC keeps repeating the same insanity.

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  3. Fed Up says:

    Just more of our incestuous city/county government! They need to go along with a number of top city and county employees!

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  4. Reality Checker says:

    Yep. This was just a CYA and shut-people-up report with a predetermined conclusion. The city should have used an independent counsel same as they are now doing for the Romero-Gonzalez financial adviser debacle. Not doing so shows a double-standard; one standard for the current administration and certain projects, and a different standard for the previous administration, the QOL bonds, and the ballpark. This report also shows the lengths to which people are going to protect individuals in the previous administration and to whitewash the ballpark.

    The conclusions in the Norton Rose report are at best questionnable. If Norton Rose Fulbright had found wrongdoing, their own firm would have looked negligent. To have found fault might have even exposed Norton Rose Fulbright to liability. Norton Rose also doesn’t want to alienate those in power in a city that continually pays their firm fees through multiple city and county entities.

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    • elrichiboy says:

      That “independent counsel” the City hired to investigate Romero and Gonzalez built his career defending municipalities from ethics charges. Don’t expect much sunshine there.

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  5. Justa Thot says:

    Someone needs to ask them point blank who asked them to delay the bond sale till after the election. If they don’t answer at that moment then fire their asses.

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    • ManintheMoon says:

      Wilson seems to be the one that made that decision since she does not work for the city any more you can’t fire her. Cook and Lilly said they did not make that decision and basically said Wilson lied in saying they made the decision to the bond sales. Since Wilson seems to have had no issue in her tenure at that city in withholding information from some CC members seems it wouldn’t bother her to withhold this information if it was working to the interest of a CC member she favored.
      Oh Wilson remembered telling Cook and Lilly but just can’t remember the details of the CC members who brought the issue up over delaying bonds sales to begin with.
      Sorry some one needs to be charge and taken to court for criminal malfeasant. Then that would main our D.A. would have to act and do his job and that isn’t going to happen.

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