Image via Canva
— News and commentary about elsewhere covered by Quincy Quarry News
Sinking piggy bank
Image via legalinkmagazine.com
The South Shore broadsheet looks to have broken the news that Moody’s Ratings cut the City of Quincy’s credit rating to a rating one lower than Standard and Poor’s current rating given worsening concerns about Quincy’s finances.
Moody’s Ratings also hung a “Negative Outlook” on the City of Quincy going forward as did Standard and Poor almost a year ago as Moody’s also suspects Quincy’s finances are looking likely to be face even more travails before they might stabilize, much less merely recover sufficiently to warrant its former credit rating.
Pretty much all his fault
Still image from a YouTube video
And for a solid review of things, a local newsletter has published a very solid and thoughtful discussion of what the latest rating cut means.
Granted, while not offering up a prediction of the City of Quincy heading towards filing for Chapter 9 reorganization, the newsletter’s expectations for the financial future for the City of Quincy is looking rocky.
Very likely rocky even if drastic steps are undertaken even if given some breathing room by no major economic problems hitting Quincy’s fan.
Quincy’s Financial House of Cards: A CEO Worth Every Cent?
Quincy just notched its second negative bond rating hit, courtesy of Moody’s. But according to our “CEO” Mayor and his loyal minions, the new City Council just doesn’t understand high finance.
Let’s look at the resume of our self-proposed $285,000-a-year chief executive:
The Background: No higher education and zero private-sector experience outside of cutting lawns.
The Corporate Reality:
Imagine sending North Quincy High transcripts to Fidelity, demanding a top-tier salary, and explaining that a double credit downgrade is actually a sign of financial health. He wouldn’t land an $65,000 desk job in the real world.
The Golden Parachute: The former Council—led by the ever-compliant “Empty Head” DiBona—rubber-stamped that $285,000 paycheck. It pays to play along; just ask the former Ward 1 Councilor, who conveniently landed a high-paying city gig right after voters booted him out. Quincy’s payroll is the ultimate safety net for failed politicians.
Kudos to the new City Council and Quincy Quarry for exposing the spin. If the Mayor’s wealthy donors truly believe he’s a financial genius, maybe they can hire him to run a private company next. If he speaks Somali, The Quality LEARNING Center might be looking for a new CEO.
Wait until the feds arrive on the scene.
Don’t question Tom Koch and what do you get?
Another year older
And deeper in debt
Face it, the Mayor and Dan Flynn are lifelong friends.
Hence, Danny is sneaking around in the background, even though his Parole says he cannot have anything to do with Real Estate. I’m told he spends a good bit of time at Flavin & Flavin…. He’s also known to visit Rozafa with City Hall peeps (see Koch’s OCPF filings).
As I see it, Tommy has been playing Danny’s game with Public Monies and now has placed our collective heads in a vise. Danny went away for Fraud. I wonder how Tommy is sleeping these days. I also wonder who else was in on the steak tips.
What is it with their small minds and huge egos? They take no remorse for their actions. Unless they go to jail or plea bargain out.
Please Councilors, open the books (We know you are trying). I know DiBona won’t approve it but he needs to be walked over. I truly enjoy watching Walker squirm during the meetings, it’s better than any other evening entertainment. He’s going to rub his lips off. Very interesting body language and he tries to read everything the person to his right is previewing. He’s another cheat and fraud.
“What is it with their small minds and huge egos?” you ask.
Overcompensating for their schmeckles.
The dynasty is beginning to crumble, Moody’s and S&P credit ratings are down, the exposure of property purchases to benefit friends of the mayor (example: the Miller Street and Furnace Avenue properties from Dan Flynn) and worse.
Next up, empty suit DiBona is attempting to be a cog in the wheel of the new council but every time he opens his mouth, he sounds less educated than before. Classic this week was informing the council that it was past 12 midnight, or his spiel as to who was the council President in 2015 and who sat where. How about being first to raise his hand to pass an amendment just to put his name on it.
BTW Councilor DiBona: your two campaign signs facing Burgin Parkway near the Quincy Adams T station that are still up from the past election are in violation of the campaign sign regs. Maybe you should start to follow the rules!
Lastly, the proposed ENC purchase should not be approved. Koch has no plan and taxpayers are already taxed to the max. The current city zoning should be able to control the development unless a wealth non-profit uses the Dover act.
Howie,
I am thinking more like a 40b affordable housing project for seniors with Koch pressed to provide millions from the city’s affordable housing trust to the project and so limiting him from throwing even more money to likes of Leo Martin.
Boner has sealed his fate as a LAME DUCK city council member. No way can he win another term at-Large. He also is accepting and pocketing the outrageous 50% raise. Nothing but a bag of hot Blue Air. He is right, Tommy has told him how to vote for many years. I recall a young man with goals and aspirations but now he is just another sad Blue Lackey with a dim future in Politics. Also, Was he in on the steak tips?
Koch fiddles while the Q’s credit rating burns.
Case in point: today’s (Saturday) Free outdoor concert in front of the historic Munroe Bldg. How ironic!
The Koch-Heads were out in force and the edibles were more available than Musinex.
Keep the mid-life crisis and pre-menopausal crowd fat, buzzed, and happy while not realizing that their pockets are being picked, or they don’t give a sh*t.
To top it off, the head hack Norfolk County Sheriff and current School Committee dope, running around filming the festivities and putting it on social media to let everyone know how lucky we all are while under the boot of the college dropout.
Just watched DiBona tell the Council “I’ve been here for 10 years and this is how it works.” Anyone who was watching during the last ten years knows what (and who all) got us into this situation. He continues to bully and destroy any legacy he thinks he had.
Some of us newcomers to Quincy, however, have deep roots in Norfolk County and DB is known to be a fart in church. He very well might end his career on the Nazarene Flatlands. I know I’m done with him.
Even so, Tommy will make him the commissioner of a new department that combines a lot of jobs and so makes him a capo with a big salary who can then hire the people that you just replaced (a la Murphy/LaForest/McCarthy, et.al.) — so long at Tommy approves, that is.
Tommy is not as good at 3 Card Monte as he thinks. Plus, his peeps are talking out of school. They are all worried. Many young families have put their trust in a fool. Best of luck to you all. Nothing is FREE, except the Koch ride. I’m sure they will all be reminded to keep their mouths shut tomorrow. Even so, the cracks are still showing …
Quin,
Yet again “(t)he truth is, these are not very bright guys, and things got out of hand.”
A billion eight outta hand.