Thursday, April 9, 2009

GOP Jumps on Bredesen for Bond Deals: 'The Fish Rots from the Head Down'

Posted By on Thu, Apr 9, 2009 at 7:53 AM

click to enlarge oie_money_to_burn.JPG
The Tennessee Republican Party goes on the attack over the Bredesen administration's promotion of risky bond deals to Tennessee cities. GOP chair Robin Smith:
"Gov. Bredesen won two elections by touting his business acumen and managerial skills, but today the state government faces a billion-dollar deficit because the governor increased spending far faster than the growth of the average incomes of the people of Tennessee, whose taxes cover the checks the governor signs," said Robin Smith, Chairman of the Tennessee Republican Party. "And now we find out that the administration's efforts to lure municipal governments into risky Wall Street financing schemes has put 38 cities and towns into some financial distress."
GOP flack Bill Hobbs:
"As details of the bond derivatives mess unfold, it will be tempting for many people to point fingers at the various entities involved, but in the end, it was the governor, his administration and Comptroller Morgan who were responsible for the program and how it was managed - the resulting fiscal mess is, ultimately, their fault. The fish rots from the head down."
A Q&A with Comptroller Wilson. Sen. Haynes: How would this translate for locals? Would it require larger payments on an annual basis; a shorter term; higher interest or what are we talking about? Comptroller Wilson: All three. h/t Kleinheider.


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