OPINION
RAFE'S SPIN AND TAKE ON DWP BEING PUT ON THE CHOPPING BLOCK
Guys,
"Money is the mother's milk of politics."
DWP for Sale? In my opinion, this is just a bunch of rumored "malarkey" and suggested wishful thinking by a bunch of disillusioned fat cats intoxicated with their pretentious position of office. What evidence is there that this conversation has ever taken place?
Ladies, gentlemen, do you think that it is just by chance, luck or stroke of genius, that the City of Los Angeles, General Manager of the Department of Water and Power earns more money than the President of the United States?
Ladies, gentlemen, do you think that it is just by chance, luck or stroke of genius, that the City of Los Angeles, General Manager of the Department of Water and Power earns more money than most heads of state on this planet?
Ladies, gentlemen, do you think that it is just by chance, luck or stroke of genius, that the City of Los Angeles, General Manager of the Department of Water and Power earns more money than the Senators and Congressmen of the United States?
Ladies, gentlemen, do you think that it is just by chance, luck or stroke of genius, that the City of Los Angeles, General Manager of the Department of Water and Power earns more money than the Congressmen and Women who represent us in the United States House of Representatives?
Ladies, gentlemen, do you think that it is just by chance, luck or stroke of genius, that the City of Los Angeles, General Manager of the Department of Water and Power earns more money than the Governor of California?
Ladies, gentlemen, do you think that it is just by chance, luck or stroke of genius, that the City of Los Angeles, General Manager of the Department of Water and Power earns more money than the Senators of the State of California?
Ladies, gentlemen, do you think that it is just by chance, luck or stroke of genius, that the City of Los Angeles, General Manager of the Department of Water and Power earns more money than the State of California District Assemblymen?
Ladies, gentlemen, do you think that it is just by chance, luck or stroke of genius, that the City of Los Angeles, General Manager of the Department of Water and Power earns more money than the City of Los Angeles Councilmen?
Ladies, gentlemen, do you think that it is just by chance, luck or stroke of genius, that the City of Los Angeles, General Manager of the Department of Water and Power earns more money than the Mayor of the City of Los Angeles?
Ladies, gentlemen, do you think that it is just by chance, luck or stroke of genius, that the City of Los Angeles, General Manager of the Department of Water and Power earns more money than any other General Manager of any privately held or publicly owned power company in the world.
And so now, you are entertaining the thought that these minimum wage earners who have but a whimsical amount of time left in their position as part of the lame duck mayors entourage are going to somehow suggest eroding or undermining the absolute power and control that DWP reigns over the City of Los Angeles City Council?
No, I ain't buying into Santa Claus, the Tooth Fairy or the Easter Bunny no mo.
Neither am I going to waste any more of my precious time giving any further thought to this absurd suggestion:
Secret Discussions: Is DWP for Sale?
10.25.2012
JACK HUMPHREVILLE
LA WATCHDOG - The finances of our once great City are so desperate that selected movers and shakers in City Hall are secretly discussing the sale of our Department of Water and Power. The billions and billions in expected proceeds would be used to reduce the $10 billion unfunded pension liability of the City’s two pension plans; fix our roads, sidewalks, and the rest of our deteriorating infrastructure; and, without doubt, fund numerous pet projects of our Elected Elite.
The City is projecting a budget deficit of $216 million for next year and $1.1 billion over the next four years. These amounts are seriously understated because the City is relying on an overly optimistic investment rate assumption (7.75%) for its pension plans and failing to provide adequate funding for the repair and maintenance of our streets, sidewalks, parks, and the rest of LA’s infrastructure, including our Stone Age management information systems and computer hardware. Over the next four years, the understatement of pension, infrastructure, and other miscellaneous expenses easily exceeds $1 billion and may even approach $2 billion or more.
Compounding the river of red ink is an unfunded pension liability of $10 billion and a deferred maintenance bill of at least another $10 billion.
And once again, the pension liability may be understated by $3 to $4 billion because of the reliance on faulty investment assumptions as well as other short sighted decisions designed to defer contributions to the two plans.
If the City is going to sell DWP to help alleviate the over $25 billion ocean of debt and off balance sheet liabilities, an amount equal to more than five times General Fund revenues, what is the largest municipal utility in the nation worth? .....................
http://www.citywatchla.com/lead-stories/3964-secret-discussions-is-dwp-for-sale
--
********************
That's all folks!
To subscribe: send reply with the message: subscribe
To unsubscribe: send reply with the message: unsubscribe
Be sure to notice: [Message clipped] View entire message at the bottom of page
SEIU Local 721 Reformers is an email address attempting to share information with SEIU Local Members, Stewards, Officers, Staff and Officials.
Rafe Garcia, Steward, is the custodian of this email address.
Those of us sharing, exchanging and participating in this forum are attempting to engage the membership to further the concept of a member driven Union.
We, you and all the rest of us have the best interests of the rank and file members, over 70,000 strong.
FOUNDED AUGUST 31, 2008
