Friday, July 31, 2009

Iron City Debt

Man I'm cynical at this point. On one level there will be comments all around on the Pittsburgh Water and Sewer Authority's meeting today which will address the unpaid water bills of Iron City. It was a curious story when it started. (ref: Iron City without the City).

But what I was thinking is that this is all just diverting attention from the bigger issue down there. But then there is this which looks like came out late Wednesday. I sometimes wonder what is up when I see a rating agency issue a report since it sometimes indicates financing activity is imminent. I have no idea if that applies in this case. An issue unto itself and I'm out of this business, but it sure seems to me that the bond rating biz has become a bit like the wild wild west in the last decade.

Looking into the future. If Walko gets his judgeship in the fall, who is going to become the PWSA chairman? Normally things like a water authority board would be a quiet place, but given the immense water and sewer infrastructure problems in the region it is a job that will have a real impact on economic development in the county going into the future.

and just to jog everyone's memory. This is one of those things that made a blip of news here and was then forgotten about as best I can tell. But remember a few months ago it was learned that JP Morgan was being being looked at by the SEC over bond deals* in Alabama (where the Jefferson County, AL Sewer Authority is essentially in bankruptcy proceedings) similar to what they structured for the PWSA and which now have them in a bind.

* See JP Morgan's quarterly SEC filing. (specifically the section near the bottom subtitled "Part II Other Information")


Anonymous MH said...

I'm still waiting for Drudge to post stories about our finances. So far, just California and the Jefferson County Alabama one today:

Saturday, August 01, 2009 6:19:00 PM  

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