"Mass. Pike gets debt reprieve; UBS extends deal deadline" by Noah Bierman, Globe Staff | July 25, 2009
The Massachusetts Turnpike Authority received a temporary reprieve yesterday on a potential obligation to pay a $67 million lump sum to banking giant UBS.
When I think of all the good that money could do here and the fact that it is being tossed away to banks....
The authority had faced a July 24 deadline to finish negotiating with the bank over how to proceed with a complex debt swap the two parties entered into in 2001. A spokesman for Governor Deval Patrick said UBS has extended the deadline to August.
Related: Massachusetts Democrats Keep Making the Same Mistakes
The original deal generated $29.1 million for the authority at the time, but has since soured, forcing the Turnpike Authority to pay high interest rates and putting it at risk for large lump-sum payments.
Yes, they have LOOTED US to the TUNE of HUNDREDS of MILLIONS!!!!!!
This week, state officials succeeded in persuading credit agencies to raise one of the authority’s credit ratings, which in turn protected the agency from the threat of an even larger lump-sum payment of more than $250 million.
Oh, yeah, the credit agncies came to our rescue!
Time to END the CYCLE of DEBT , folks!!
F*** the PROFIT-LOOTING BANKS!!!!!!!!!!!!!!!!
Even if the Turnpike Authority ultimately avoids the final lump-sum payment of $67 million, it will continue to pay additional interest to UBS, which is estimated to cost an extra $26 million this year.
Gee, you could easily fix up the zoo, Bostonians, and have $$$ to spare, huh?
The state is hoping the authority’s improved credit rating, from the brink of junk bond status to more stability, will allow it to refinance its debt and save that money.
I say STOP PAYING the USURIOUS F***S!!!
That will SAVE a LOT of MONEY!!!!!!!
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