MKE County Exec Scandal Brewing - Repug Values

[RetroLounge]

Milwaukee County officials said Wednesday that they are unable to document how a major investment banking firm with political connections to County Executive Scott Walker was awarded a contract to underwrite a $100 million bond refinancing.

Virtually all records regarding the evaluation of Bear Stearns & Co. Inc. were discarded or cannot be located, officials said.

"This doesn't pass the smell test," County Board Supervisor John Weishan said. "I find it hard to believe we'd throw away paperwork for a $100 million deal." He called for an investigation to see if any county ordinances or state laws were broken

http://www.jsonline.com/news/metro/jul04/243754.asp

More Repug business as usual...

RL

[Homer12]

1. I can't wait for the MKE Milwaukee Hate Radio...

....To start apologizing for their conservative wonder boy.

Ah, corporate corruption, Repugs do it so well.

[RetroLounge]

4. They've already started, I'm sure.

or are just not gonna cover it at all...

RL

[yankeeinlouisiana]

2. I have stock with

Bear & Stearns -- maybe I should find a new broker!

[MadAsHell]

3. Maybe this will quiet the talk of Walker for Governor ...

n/t

[ClassWarrior]

5. Any new news on this?

I wanna see Scotty take a perp walk past all those folks who signed Ament's recall petition.

[Bushfire]

7. New J/S story - Missing records found, Bear Stearns NOT lowest bid!

Seemeyer said Bear Stearns was picked even though its fees were not the lowest of the eight bidders because it had greater expertise and financial capacity than other bidders. The negotiated bond sale was not solely based on lowest bid.

Bear Stearns ultimately was overpaid $20,000 by the county, the Journal Sentinel found.

The matter still remains under criminal investigation by the U.S. attorney's office and District Attorney E. Michael McCann, who was meeting with county officials Friday.

The missing records on the bond deal here raised concerns at a time when Bear Stearns is under investigation in Illinois regarding alleged influence peddling on two hospital financing deals and an Illinois pension fund bailout deal.

more...

http://www.jsonline.com/news/metro/jul04/244080.asp

The J/S will try to spin in defense of Scotty Boy, but the reporter has given his critics ammo to use in any future political hopes by Mr. Walker.

If you put it out for bid, shouldn't the lowest bid be the winner? Milw Cnty taxpayers don't want to pay more than they need to do they?

[ClassWarrior]

9. I actually believe that it's best NOT to take the lowest bid.

But something in the middle. Nonetheless, we CAN spin this against Scotty. And from what I understand, we haven't heard the whole story on this.

[shoelace414]

6. Walker is going to run for Governor

in 2006? anyway, that's my opinion, but I'm pretty sure he will. but like i mentioned to my wife "he hasn't done anything overtly republican yet"

then the open records request (the thing where his top aids didn't sign away pension benifit until after his competor filed an open records request. and now this has a chance of being huge.

I wonder if CRG is going to file recall petition against him.

[RetroLounge]

8. CRG is going to file recall petition against him?

I wouldn't count on it.

They are a Repug shill team...

RL