Moody's Downgrades Binghamton credit ranking
Posted in the Binghamton Forum
#1 Jan 31, 2013
Moody's downgrades Binghamton's credit rating
Moody's Investors Services downgraded Binghamton's credit rating Wednesday, citing consistently late financial statements, high debt burden and a diminishing tax base along with other issues related to the city's overall fiscal health.
"consistently late financial statements"
ABSOLUTELY NOTHING TO DO WITH THE ECONOMY OR THE CITY'S WOES, IT IS SHEER INCOMPETENCE.
#3 Jan 31, 2013
The following is a link to Moody's analysis found at the following page...
-Below average and declining wealth indices
-High debt burden
-Financial weakness in enterprise funds
-Delayed financial statements
Two items to make note of...
* That is the order of importance that Moody's listed them in... and not the reversed list our OP provided...
* The first 3 items most certainly do have to do with the local economy and the city's "woes"...
Facts ! Ya just gotta love them !!!
#4 Jan 31, 2013
Can you imagine the guys around the table at Moody's reviewing the City of Binghamton's credit!
"So let's get this straight, the Mayor has not held a private sector job in 30 years? He has a criminal record and was awaiting trial when elected? He was a public defender his entire legal career? He never got 50% of the vote?
The City Treasurer was bankrupt when appointed and went on to embezzle $17,000? Sshe won't spend a day in jail and won't repay the money?
The Chairperson of the Finance Committee didn't pay her taxes on time for five years.
The guy running the planning department is a left-wing, radical, professional militant protester who basically never held a job before being appointed.
The guy running the finance committee of the city's biggest asset, the sewage treatment plant, ironically, was disbarred for keeping $35,000 of his clients' money?
The sewage treatment plant, the largest investment and biggest capital asset the city owns, is a sewage treatment plant that had been worth maybe $80, million now needs $90 million in repairs which insurance won't cover?
The crime rate in the little town is 25% over the national average and up 50% since the current administration took power?
And these clowns want us to let people know its OK to loan them money!!!!"
#5 Jan 31, 2013
Are you drinking or did you just go off your med again ?!
Just a few of the many problems with your post:
- Do you REALLY think that is how a financial review is performed... REALLY ?!
- It is true a treasurer stole from the city but the rest of your claim about that situation is a lie... the reality is that she was sentenced ( plead ) to repay all funds stolen, probation and community service...
- You do your sewage treatment rant again... completely ignoring the fact that it was the prior administration ( that you supported ) that performed all the faulty work that collapsed and is now going to cost tax payers so much money to replace... and even if it hadn't collapsed - the reality is that fixing it would have consisted of tearing down / rebuilding those segments anyway i.e. at the same level of cost...
Etc. etc. etc....
Seek help and get back on your meds... or just keep making an idiot out of yourself... it's your choice...
#6 Feb 1, 2013
Huh, no mention of Ed Crumb over at the sewage treatment plant handing millions of taxpayer dollars but the NYS Bar Association did not trust him with his own client's money and disbarred him.
As for Schwartz, she does not get a day in jail. Printed reports say she will repay only about $9000 of the $17000 she stole.
If you have ANY PROOF to the contrary post it.
And of course ther is all the other riff raf at city hall and associated with Matt Ryan:
Lea Webb - deliquent on her taxes with liens against her in. Lea Webb failed to pay her taxes not once (2006), not twice (2007), not three times (2009) not four times (2010) but five times (2012) and then they place her as Chairperson on the city finance committee to spend OTHER people's taxes!
Kevin Transue and Daniel Rose - Binghamton's former water superintendent & a former employee are convicted for their involvement in illegal dumping in the Susquehanna River.
Robert Cavanaugh: pleaded guilty to 5 counts of grand larceny in June. He operated under RJ Cavanaugh Enterprises. Cavanaugh was a close personal friend of Matthew T. Ryan. In fact at least of the checks cashed in the rip-off bear Matthew T. Ryan''s countersignature and Cavanaugh used the mayor's name and Binghamton Code Enforcement as part of his schemes.
Davone Nealy - Accused of counterfeiting (possession of a forged instrument) and felony possession of an unlicensed firearm after Matthew T. Ryan put him on a neighborhood watched committee and used taxpayer funds to send Nealy and others to Albany for a public security seminar.(fox in a hen house????)Nealy worked on the Ryan campaign despite earlier convictions and/or arrests for other crimes.
Former water department employees , Robert Winterstein, 60, of Howard Avenue and Raymond Castelli , each face one misdemeanor charge of theft of services. Each is alleged to have tampered with a water meter to avoid paying for some of the city water pumped into his house and Binghamton Water Department laborer Tommy Dunbar, 48, of Floral Avenue, Johnson City, also is charged with theft of services
James Dessauer - The federal government began an investigation in November 2005 into a now-defunct non-profit formerly headed by Jim Dessauer when about $500,000 went missing. Ryan appointed Dessauer the city's planning director in 2006. The investigation has prompted some concerns on Binghamton City Council. "I don't know where he (Mayor Matthew T. Ryan) finds these people from," John Cordisco, D-9th District, said. Dessauer was fired soon after he botched the O'Neil- Ross Building demolition project that cost tax payers $750,000 when Ryan told us it was cost $40,000. The Ryan appointed loser Tarik Abdelazim to the job!!!
And of course there are all Matthew T. Ryan's numerous police incident reports and arrests and conviction.
Ryan's lawyer John Perticone who is also Broome County Election Board Democratic Commissioner, sealed Ryan's Vestal arrest and conviction prior to his Town of Dickinson court appearance for harassing Democratic mayoral candidate Josephine Burrell. Ryan obtained an Adjournment in Contemplation of Dismissal (ACD), something he likely would not have received with the conviction listed on his record. Ryan then appointed Perticone's wife Merry Harris as Economic Development Coordinator for the City of Binghamton. Nice how that worked out for them.
No doubt there are other questionable characters staffing the Ryan administration but this is a good list to start with.
#7 Feb 1, 2013
Links have already been posted multiple times... but since you're either too lazy or simply incapable of using a search engine - here are some more...
"Schwartz has agreed to pay the city $17,000 in restitution as part of her plea arrangement."
"Former City of Binghamton Treasurer Patricia Schwartz was sentenced in August in Broome County Court to five years probation after she pleaded guilty in April to one felony count of fourth-degree grand larceny."
"Schwartz was also sentenced to pay the money back and work weekends in jail for two months."
#8 Feb 1, 2013
I have to disagree with you Michael. I know your history with this poster, and believe me,I am not looking to stir things up; but he did state all the same facts that you did. That he chose to order them differently to strengthen his argument is not unethical.
Investment rating agencies do look at the fund managers when rating investment funds and you have to admit, having a city treasurer that filed bankrupcy and was later convicted of embezzlement and a finance committee person who is delinquent in paying taxes does not show good judgement, coupled with delayed filing of financial statements does not bode well.
#9 Feb 1, 2013
The problem is that his claim is / was that the change in the rating had:
"ABSOLUTELY NOTHING TO DO WITH THE ECONOMY OR THE CITY'S WOES, IT IS SHEER INCOMPETENCE."
It is easy to see the reality of the matter from the linked sheet i.e. 3 of the 4 items were related to that... and he is just on another of his misinformation sprees...
#10 Feb 1, 2013
If you want a good laugh about the stuff BCBL and such is posting... you should check out BCVoice... you'll find anti-Ryan gems such as:
"Matt Ryan asked Bob Joseph why Broome County didn't receive the same scrutiny when its credit rating was downgraded. LOL. Because the County retained its rating! What an idiot!
What makes that post my favorite is that if you follow the link the person provided... and actually read the page when you get there... one of the things it clearly states / says is:
"just one year after Broome County’s credit rating was downgraded in 2011 by Moody’s."
#11 Feb 1, 2013
Would YOU put your professional finance career credibility on the line by signing off on a loan to Ryan's fiscal management team??
BTW..exactly how does your posting a link to yet another Ryan administration employee arrest for theft-Mares-help Ryan's (The City's) case???
#12 Feb 1, 2013
It's kind of funny because there are plenty of things that the current administration could be given grief for...
Instead we see one of our local tools trying to blame the current administration for something that happened due to the prior admin's mismanagement ( sewage phase III )... misinformation about one person's arrest where the real information is readily available online... and oh - a laborer at the water dept scammed the city on his water bills - and that's the Mayor's fault because that laborer worked under a manager that worked under a manager that worked under a person that the Mayor appointed...
That's where a lot of people get confused... as the reality isn't that I am pro-Ryan... it's that I'm anti-misinformation and anti-moron...
#13 Feb 1, 2013
Apparently you are unable to distinguish between Moody's and Standard and Poor's
BTW .. Moody's 2011 and 2009 downgrades were issued during the tenure of Democratic County Execs...
#14 Feb 1, 2013
"That's where a lot of people get confused"
What did you find confusing about the two straightforward Yee or NO questions I posed, neither of which you answered.
#15 Feb 1, 2013
What the person wrote was:
"Matt Ryan asked Bob Joseph why Broome County didn't receive the same scrutiny when its credit rating was downgraded. LOL. Because the County retained its rating! What an idiot"
In other words...
They / the person quoted did NOT differentiate... in fact the only refinement they made was that it was a downgrade that had happened in the past i.e. "when"... something they said had not occurred even though their own link showed that a recent downgrade had occurred.
So the current administration is willing to talk about negative things that happened under the leadership of same party politicians...
The horrors !
I would be troubled if they were trying to hide / obfuscate that fact... because such actions would clearly indicate just more of the same ole partisan politics we see from both sides... but pretty much the opposite happens and we still have people complain... sheez !
#16 Feb 1, 2013
"Would YOU put your professional finance career credibility on the line by signing off on a loan to Ryan's fiscal management team??"
Considering that they have shown themselves diligent enough to be able to catch a thief that stole a a pittance in comparison to the city's full budget... and as long as they produced numbers that could be verified...
Something that should be mentioned... you do understand that it was a downgrade and that they rating wasn't completely dropped... so the person(s) that did the rating also though it was ok to - as you put it - put thier "professional finance credibility on the line".
"BTW..exactly how does your posting a link to yet another Ryan administration employee arrest for theft-Mares-help Ryan's (The City's) case???"
I posted a link showing that the person I was replying to - that originally mentioned the person in question - had posted more mis-information.
Are you saying that you believe lying is ok and that liars shouldn't be called out on their antics ?
#17 Feb 1, 2013
Well after reading the PS&B artical myself, I would say your nemesis's take on it is pretty spot on. The main criticism by Moody's was that reports were not filed on time.
I know that it must stick in your craw, but even a broken clock is right twice day.
A few relevant and damning excerpts from the PSB are below:
[David Jacobson, a spokesman for Moody’s, described the agency’s report and series of actions taken Wednesday as uncommon, saying the agency, based in New York City, seldom considers withdrawing its credit rating for a municipality altogether.
“It does not happen often,” he said.
Among the primary reasons for the rating’s potential withdrawal is “neither an annual update document (AUD), which is required to be submitted to the state, or an audit has been completed since fiscal 2010,” the agency’s report said]……………..
[Jacobson would not discuss the communications between Moody’s and Binghamton, saying they are confidential. He said the only actions taken since 2010 related to the city’s status consisted of removing a negative outlook in January 2012.
In response to Ryan’s comment about the change from then to Wednesday, Jacobson referred to the continued delays in completing the annual financial reports.
“It’s a year later, and we’re still waiting for that information,” he said.]
#18 Feb 1, 2013
Failing to file documents (IMCOMPETENCE) has nothing to do with the economy.
What don't you get about that?
Your posts of Schwartz arrest are contradictory as they also say that she will be sentenced in July so obviously anything prior to that is speculation.
And there's Webb failing to file her taxes.
And there's Crumb being disbarreed.
And there's Cavangaugh's thefts with Ryan's signature on the back of check(s).
And there's hiring Dessauer while he is under federal investigation.
And there is the environmental violations and convictions
#19 Feb 1, 2013
The claim made was that the rating went down only due to the late filing of the statements... and that it had nothing to do with the economy... yet 3 of the 4 reasons given for the downgrade are tied to the economy...
What don't you get about that ?!
Also and on a side note...
The threat of withdrawing their rating... that is based on the complaint that they need the annuals released in a timely manner... but it is a threat of something they might do - not something they've done already...
You've already been told that the arrest occurred in August 2010... that a plea deal ( like you used to stay out of jail after your arrest ) was struck where she had to among other things pay back ALL the money struck a few months later... then finally in July / August 2011 was the final sentencing i.e. to see if she had met all terms of the agreement and if not - sentenced normally...
Yet here you are once again acting as though this is something that just happened... and that the sentencing etc. has yet to happen !!!
You sir - again - are a moron.
#20 Feb 2, 2013
"Considering that they have shown themselves diligent enough to be able to catch a thief that stole a a pittance in comparison to the city's full budget."
Ummmmm..South American drug cartels catch-and promptly execute!!!- member "thiefs" who pilfer a little (pittance) of product..is THAT your bar??
#21 Feb 2, 2013
had to say why Michael feels obliged todefend thes incompetents
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