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| Re: A VERY Lost A Train! (1285574) | |||
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Re: A VERY Lost A Train! |
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Posted by SelkirkTMO on Sun Apr 13 18:07:02 2014, in response to Re: A VERY Lost A Train!, posted by JayZeeBMT on Sun Apr 13 17:30:02 2014. The whole MCTA and later MTA thing though took the city out of the picture for the enormous cost of all that bonding. Rockefeller was a real smart guy and was the real puppeteer behind the whole deal with lessons learned from the consolidation of Penn Central Corp. All of that bonding and backing went to his brother David and Chase Manhattan through a cute little "leaseback" arrangement.In fact, the cars originally carried plates that indicated that they were actually owned by Chase Manhattan and sub-investors. Taking the MTA was a natural because rolling stock doesn't serve well as assets but real estate DOES. That was the PennCentral lesson. By creating a STATE agency with bonding authority, the cash flows were guaranteed even if the city went under. And it DID shortly thereafter. Holes in the ground aren't worth all that much, but the land under railroads WERE. I giggle when I hear folks thinking the creation of the MTA was to take politics out of the subways. LOL! No, it was to assign the assets to the banksters and Rockefeller's brother did VERY well for himself. Mike Quill saw this all too. |
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