Bankruptcy, Bond rating, Borrowing, Bryan Albrecht, David Hazen, debt, Detroit, Dunce, Gateway, Incompetence, Lolli Haws, Lying John, Property Taxes, Racine City Hall, RUSD, Ted the Sledge, Zerohedgec
Didn’t the voters just turn down Bryan Albrecht’s request to borrow $49,000,000?
April 2, 2013 From The JT:
RACINE — On Tuesday, residents across three counties voted down a $49 million funding request from Gateway Technical College for a package of construction projects.
The college will now take a look at which pieces of that package can still be accomplished after the election day defeat of the referendum, according to Gateway president Bryan Albrecht.
“It’s disappointing that the referendum didn’t go our way but we continue to be strong advocates for Gateway and our students,” Albrecht said Tuesday night.
Looks like Bryan Albrecht and his UNELECTED Board haven’t let the decision of the voters stop Bryan Albrecht from getting his way.
From Municipal Bonds.com:
Bryan Albrecht and the UNELECTED Gateway Board have borrowed $9,300,000 since being denied his $49,000,000. Only $39,700,000 to go. Did Gateway or The JT tell you this?
LOOK at THIS:
|GATEWAY TECHNICAL COLLEGE DISTRICT, WI||MOODY’S ASSIGNS AAA TO GATEWAY TECHNICAL COLLEGE DISTRICT’S, WI $1.5M GO PROMISSORY NOTES SERIES 2013-14B|
|GATEWAY TECHNICAL COLLEGE DISTRICT, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $6.8 MILLION GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2013-14A|
|GATEWAY TECHNICAL COLLEGE DISTRICT, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $1.0 MILLION PROMISSORY NOTES, SERIES 2012-13F|
|GATEWAY TECHNICAL COLLEGE DISTRICT, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $1.5 MILLION PROMISSORY NOTES, SERIES 2012-13E|
|GATEWAY TECHNICAL COLLEGE DISTRICT, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $1.5 MILLION PROMISSORY NOTES, SERIES 2012-13C|
|GATEWAY TECHNICAL COLLEGE DISTRICT, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $1.5 MILLION PROMISSORY NOTES, SERIES 2012-13B|
|GATEWAY TECHNICAL COLLEGE DISTRICT, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $6.5 MILLION GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2012-13A|
|GATEWAY TECHNICAL COLLEGE DISTRICT, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $1.0 MILLION GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2011-12D|
|GATEWAY TECHNICAL COLLEGE DISTRICT, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $2.0 MILLION GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2011-12C|
|Gateway Technical College District, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $2.5 MILLION GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2011-12B|
|Gateway Technical College District, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $4.5 MILLION GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2011-12A|
|Gateway Technical College District, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $1.5 MILLION GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2010-11D|
|Gateway Technical College District, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $1.5 MILLION GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2010-11C|
|Gateway Technical College District, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $1.5 MILLION GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2010-11B|
|Gateway Technical College District, WI||MOODY’S ASSIGNS AAA RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $4.5 MILLION GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2010-11A|
|Gateway Technical College District, WI||MOODY’S ASSIGNS AA1 RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $4.7 MILLION GO PROMISSORY NOTES, SERIES 2009-10D|
|Gateway Technical College District, WI||MOODY’S ASSIGNS AA1 RATING TO GATEWAY TECHNICAL COLLEGE DISTRICT’S (WI) $1.0 MILLION GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2009-10C|
All that debt – in your name – courtesy of Bryan Albrecht and the UNELECTED Gateway Board!
DO the Elite running Racine think that the Taxpayers are stupid and not paying attention?
2009 Gateway General Obligation Debt: $36.2 M
Is there ANY possible justification for running up the debt and being rewarded for that?
From The JT:
Gateway board approves president salary increase
BURLINGTON — Gateway Technical College President Bryan Albrecht is getting a raise and a bonus, the college’s Board of Trustees unanimously decided Thursday.
Albrecht will receive a 2 percent raise, bringing his salary from $210,000 to $214,200 annually. Albrecht will receive a $7,500 performance bonus as well.
The board also approved extending Albrecht’s contract another year, something it must vote on annually.
“Thank you, trustees, for your vote of confidence,” Albrecht told board members after their vote, taken Thursday during the body’s regular meeting, held at Gateway’s Burlington Center campus, 496 McCanna Parkway.
2009 General Obligation Debt: $36.2M
2013 General Obligation Debt: $52.8M
Increase: $16.6 M in 3 years!
Dec 30,2009 – July 2, 2013
From The Kenosha News:
One hundred Gateway Technical College employees earned more than $100,000 in 2011, according to school data.
That’s 17 percent of the college’s 586 staff who were issued federal W2 forms for the year.
Total payroll was $41.3 million.
Administrators on the list of top 10 earners for 2011 received pay increases between 0.2 percent and 0.6 percent. The largest pay increase on that list was 13 percent, for a manufacturing processes instructor, Richard Lofy.
Other instructors on the list were paid between 5 percent less and 6.5 percent more. Officials have said instructors can have large pay swings because of overtime or additional work.
The college’s president, Bryan Albrecht, was paid $255,426, a $1,618, or 0.6 percent, increase. That was the largest salary for the year. The second largest was paid to Daniel Neuman, an industrial mechanics instructor who received $166,588. His wages were up $10,204, or 6.5 percent, from 2010 salary.
Neuman’s salary exceeded that of Executive Vice President Zina Haywood, who was paid $161,787, a 0.4 percent increase from the year before.
Wages paid to the top 10 earners in 2011 totaled $1.56 million, a 1.1 percent decline from the previous year’s $1.57 million.
The cutoff point to land in the top 10 fell, from $135,632 last year to $134,211 in 2011.
Charles Hughes Smith from Of Two Minds has something very important to say:
|Is America’s Social Contract Broken?|
The social contract between the citizens and the state binds the government to maintaining civil liberties, social peace, defending the nation, and in the 20th century, providing social welfare for the disadvantaged, disabled and low-income elderly.
The focus of the above article on “trickle down economics” focuses on income inequality as a key metric of the Social Contract: rising income inequality is de facto evidence that the Social Contract is fraying or broken.
I think this misses the key distinction in the Social Contract between citizens and the state, which is the legitimacy of the process of wealth creation and the fairness of the playing field and the referees, i.e. that no one is above the law.
Few people begrudge legitimately earned wealth, for example, the top athlete, the pop star, the tech innovator, the canny entrepreneur, the best-selling author, etc. The source of these individual’s wealth is transparent, and any citizen can decline to support this wealth creation by not paying money to see the athlete, not buying the author’s books, not shopping at the entrepreneur’s shops, etc.
The Social Contract is broken not by wealth inequality per se but by the illegitimate process of wealth acquisition, i.e. the state has tipped the scales in favor of the few behind closed doors and routinely ignores or bypasses the intent of the law even as the state claims to be following the narrower letter of the law.
By this definition, the Social Contract in America has been completely smashed. One sector after another is dominated by cartel-state partnerships that are forged and enforced in obscure legislation written by lobbyists. Once the laws have been riddled with loopholes and the regulators have been corrupted, “no one is above the law” has lost all meaning.
Those who violate the intent of the law while managing to conjure an apparent compliance with the letter of the law are shysters, scammers and thieves who exploit the intricate loopholes of the system, all the while parading their compliance as evidence the system is fair and just. In this way, the judicial system becomes part of the illegitimate process of wealth accumulation.
In America, political and financial Elites are above the intent of the law. Is bribery of politicos illegal? Supposedly it is, but in practice it is entirely and openly legal.
This is the norm in banana republics, whose ledgers are loaded with thousands of codes and regulations that are routinely ignored by those in power. In the Banana Republic of America, financial crimes go uninvestigated, unindicted and unpunished: banks and their management are essentially immune to prosecution because the crimes are complex (tsk, tsk, it’s really too much trouble to investigate) and they’re “too big to prosecute.”
The rot has seeped from the financial-political Aristocracy to the lower reaches of the social order. The fury of those still working legitimate jobs and paying their taxes is grounded in a simple, obvious truth: America is now dominated by scammers, cheaters, grifters and those gaming the system, large and small, to increase their share of the swag.
Formidable armies of scammers and their enablers (attorneys and doctors) are pillaging workers compensation, temporary disability, insurance and Social Security Disability (the lifetime kind, your claim and condition are never monitored after your claim is approved), not to mention Medicare fraud and those gaming the wide array of welfare programs.
The honest taxpayer is a chump, a mark who foolishly ponies up the swag that’s looted by the smart operators. Everyone knows that the vast majority of wealth accumulation in America flows not from transparent effort on a level playing field, but from persuading the Central State (the Federal government and the Federal Reserve) to enforce cartels and grant monopolistic favors such as tax shelters designed for a handful of firms and unlimited credit to private banks.
When scammers large and small live better than those creating value in the real economy, the Social Contract has ceased to exist. When the illegitimate process of wealth acquisition–a rigged playing field, a bought-off referee, and an Elite that’s above the law by every practical measure–dominates the economy and the political structure, the Social Contract has been shattered, regardless of how much welfare largesse is distributed to buy the complicity of state dependents.
Once the chumps and marks realize there is no way they can ever escape their exploited banana-republic status as neofeudal debt-serfs, the scammers, cheats and grifters large and small will be at risk of losing their perquisites. The fantasy in America is that legitimate wealth creation is still possible despite the visible dominance of a corrupt, venal, self-absorbed, parasitic, predatory Aristocracy. Once that fantasy dies, so will the marks’ support of the Aristocracy.
As Voltaire observed, “No snowflake in an avalanche ever feels responsible”: every claim, every game of the system, every political favor purchased is “fair and legal,” of course. This is precisely how empires collapse.
Kenneth D. also suggested that we are experiencing a Hegelian dialectic, an era where the wheel turns and opposing forces generate a new synthesis.
In broad brush, we can trace the dialectic from feudalism to capitalism to the present financialized cartel-state neofeudalism and next, to a synthesis built on the opposite of neofeudalism, which is decentralization, transparency, accountability, legitimacy and liberty.
MEANWHILE – Racine resembles Detroit more and more
Racine OR Detroit?
Fiscal mismanagement – CHECK
Plummeting population – CHECK
Decaying City infrastructure – CHECK (while the City abandons some – it builds more! Boat wash stations, City Hall Bathrooms, etc.)
Deteriorating City services – CHECK
Excessive borrowing – CHECK
High Unemployment – CHECK
Declining Tax Revenues – CHECK
The City does not provide basic and essential services to the residents who remain in the City. – CHECK
Crime is endemic – CHECK
Bond Rating Downgrades – CHECK
The City is infested with urban blight, which: (a) depresses property values; (b) provides a fertile breeding ground for crime and tinder for fires (with the attendant disproportionate devotion of police and firefighting resources to abandoned lots); and (c) compels the City to devote precious resources to demolition. – CHECK
The Death Of A City: Detroit’s Eulogy As Delivered By Kevyn Orr
From the bankruptcy court declaration filed by Kevyn D. Orr in support of the Detroit Chapter 9 Petition.
After decades of fiscal mismanagement, plummeting population, employment and revenues, decaying City infrastructure, deteriorating City services and excessive borrowing that provided short term band-aids at the cost of deepening insolvency, the City of Detroit today is a shadow of the thriving metropolis that it once was. The City does not provide basic and essential services to the residents who remain in the City. Crime is endemic. The City is infested with urban blight, which: (a) depresses property values; (b) provides a fertile breeding ground for crime and tinder for fires (with the attendant disproportionate devotion of police and firefighting resources to abandoned lots); and (c) compels the City to devote precious resources to demolition.
Significant additional resources are required to improve public safety before the City can begin its rehabilitation. City operations, policies and procedures must be streamlined and overhauled to implement best practices and eliminate waste and inefficiencies. Related to this, the City’s technology systems are in desperate need of upgrades, as they have been neglected for years, and the City’s systems are not integrated. In short, the City requires substantial investment to allow it to: (a) provide basic, essential services to current residents; (b) attract new residents and businesses to foster growth and redevelopment; and (c) ultimately begin what will be a long recovery.
What is the difference between Lying John’s streetlight policy and Detroits? NOTHING!
Non-Functioning Street Lights. As of April 2013, about 40% of the approximately 88,000 street lights operated and maintained by the City’s Public Lighting Department (“PLD”) were not working, primarily due to disrepair and neglect. Many outages are attributable to burned-out bulbs, but others are the result of the obsolescence of the distribution-only electrical grid maintained by the PLD. The total of functioning street lights per square mile in Detroit generally is less than half that of comparable national municipalities. This failure in the provision of basic municipal service – the City is literally struggling to keep the lights on – is compounded by the fact that many of the street lights that are working do not meet the residents’ actual needs. Functioning street lights often serve under-populated sections of the City’s historical population footprint, and there is a backlog of approximately 3,300 complaints related to the City’s lighting.
Blight. Perhaps no issue is as fundamental to – or emblematic of – Detroit’s decline as urban blight. The City’s long-term population decline and falling property values have resulted in large numbers of abandoned, forfeited or foreclosed land and structures within the City. These decrepit eyesores dramatically undermine Detroit’s efforts to maintain public safety (as they contribute to the proliferation of crime and arson) and contribute to declines in property values.
There are approximately 78,000 abandoned and blighted structures in the City (approximately 20% of the City’s housing stock), nearly half of which are considered dangerous. This number increases steadily due to vacancy (particularly foreclosures) and fires, among other things.
Approximately 60% of the 11,000 to 12,000 fires that the City has experienced each year for the past decade occur in blighted and unoccupied buildings, forcing the Detroit Fire Department (“DFD”) to expend a disproportionate amount of time and resources fighting fires in vacant structures. Similarly, there are approximately 66,000 blighted and vacant parcels of real property within the City limits.
Compounding this problem is the fact that removing blight is an expensive, time-consuming and highly-regulated endeavor. The average cost to demolish a residential structure (accounting for surveys and abatements, utility disconnection costs, administrative costs and the demolition itself) is approximately $8,500. The current regulatory framework – involving multiple codes and regulations and a number of jurisdictions – increases costs and slows the process.
Bryan Albrecht is smiling all the way to the Bank!
$$$$ I’d like to thank Racine Taxpayers for being deaf, dumb and blind! $$$$
And The Journal Times for doing it’s job!
SO Racine – go see your Doctor and get your Xanax, Prozac, and be sure to watch Dancing With the Stars while UNELECTED Gateway Board Members rob you blind – drive down the value of your home and add to your tax burden while voting themselves big Pay Raises for encumbering you with more debt!
Racine’s Poor get alcohol, nicotine, high-fructose corn syrup, caffeine, and The Lottery! Enjoy the Republi-Crat Plantation.
The quiet war has begun with silent weapons. And the new slavery is to keep the people Poor and Stupid, “Novus Ordo Seclorum”
Meanwhile, RUSD’s CFO David Hazen is borrowing TENS of MILLIONS through LOOPHOLES in the law that allow borrowing without a Referendum!
OH David Hazen and The Journal Times DIDN’t Tell you about THIS!
Meanwhile, Elitist Privileged White Woman Lolli Haws demands $200,000+ annually in tribute to lead the failed Corporate RUSD District.
“We will make decisions first on what’s best for kids, next on what’s best for the organization and then on what’s best for the adults,” she said.
That’s a lot of saying ‘nothing. Sweet platitudes.
How about the Community?
The Community that David Hazen TAXES to support RUSD? Has RUSD built the Community – OR – destroyed the Community through it’s taxation and (mis) educationof Racine’s children?
Where is the prosperity in Racine? The small businesses? Lolli Haws wants to be compensated at $200,000+ year. I just want to open a simple Hot Dog stand to feed my family and provide for my basic needs. How much of my profits does does Lolli Haws demand in “tribute” so she can live the lifestyle of an Elitist Privileged White Women? So much that I can’t run a Hot Dog stand and have enough left over to pay my bills.
Come on Lolli and Bryan – ADMIT IT! You know the SCAM you are running on the people while you steal their wealth!
“It’s no measure of health to be well adjusted to a profoundly sick society.”
What is the Attitide of a John Dickert who parties in France on the taxpayers dime while claiming to be “broke” and begging for $$$$. How about Bryan Albrecht – who borrows millions of $$$$ for future generations to pay off while slashing operating budgets and filling the gaps with debt? WAKE UP! You are RULED by SOCIOPATHS!