Quincy Quarry News Weekly Fish Wrap: Only word about the now even slower running Orange Line is slower to be shared than

Quincy Quarry News Weekly Fish Wrap: Only word about the now even slower running Orange Line is slower to be shared than most anything out of the Koch Maladministration.

Flounder caught on a hook image via Salty101

– News about Quincy Massachusetts from Quincy Quarry News with commentary added.

The speed of news coming out of Quincy’s City Hall
Image via Wikipedia

Quincy Quarry News Weekly Fish Wrap: Only word about the now even slower running Orange Line is slower to be shared than most anything out of the Koch Maladministration.

Whoddathunk that was possible?

The latest example of how slow: per the South Shore broadsheet, Koch Maladministration mouthpiece Pinocchio Walkbacker announced that no one from the Quincy Retirement Board will be appearing before the City Council.to face well-warranted questioning about the 2021 $3.5 million cyberheist from the city employees’ pension  fund..

Certain Quincy City Council members …
Illumination Entertainment/Universal Pictures image

So what for the fact that the retirement board is independent of City Hall and thus should be independent of Quincy Mayor Thomas P. Koch’s whims.

Technically anyway.

So what also for the fact that the City Council is supposed to provide oversight to the city’s operations on behalf of local taxpayers as well as provide a public forum for locals to find out both what is going on as well as in this case went oh so very wrong.

But what the heck – what’s $3.5 million when compared to Mayor Thomas P. Koch’s koched-up and widely not-recommended plan to borrow $475 million dollars to then invest in the stock market to prop up the City of Quincy’s then among the most sorely underfunded pension fund.

The City of Quincy Cybersecurity team …
A New Line Cinema image

After all, most reasonable people would find it ill-advised to borrow a half a billion dollars to then turn over to a pension board that apparently did not know that it had been scammed out of $3.5 million for eight months.

Mayor Koch, however, apparently no so much.

Even worse, the employee pension fund has lost at least something on the order of 10% or even more since it invested the $475 million into the stock market shortly before it began a major contraction.

LOOK OUT BELOW!!!
A barrons.com image

Net/net, the employee pension fund has seen a hit in value on the order of what Mayor Koch had touted his plan to borrow $475 million would save so as to bailout out a pension fund that was in worse shape than the MBTA’s pension fund.

Way worse.

And it only gets worse.

The cost to build a new police headquarters and a special education school have soared out of control and yet Mayor Koch continues to have plans to launch even more costly projects yet even as private developers are putting the brakes on moving forward with their own koched-up development plans.

Enough already!!!
A file photo

Even worse, Mayor Koch has further put local taxpayers on the hook for somewhere on the order of $350 million more in municipal debt on which local taypayers are currently only paying interest.

However, this debt will eventually have to be rolled over into principle and interest paying bonds as well as at likely to be higher than much higher interest rates than he had orginally anticipated.

Worse yet, Koch has kited starting to pay down principle on the $475 million in pension bailout bond debt until Fiscal Year 2026 when roughly a $25 million in principal paydown hits the fan.

But not to worry for our peerless mayor. 

Not our money!
A Columbia Pictures image

He expects to be in his final years of another term in office and with his City of Quincy pension likely to be at least somewhat secure and after which he will likely then opt to retire.

Absent any work-related felony convictions, that is. 

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