Mayor Taylor To Give BOK $7 Mil for Great Plains

[Chris Medlock]

The following is the link to the Council agenda item.

Word out of City Hall is she is giving the full $7 million to BOk based on an argument of a "moral" obligation.

Administration was trying to get Airport land to deed to BOk, but FAA said "no way."

Not confirmed yet if Council approval is necessary, but new councilors woefully unaware of particulars, the decision is expected immediately and the timing around the holiday seems designed to minimize public fallout.

For more, Bates will be on my show at 2:30.

[FOTD]

quote:Originally posted by Chris Medlock

The following is the link to the Council agenda item.

Word out of City Hall is she is giving the full $7 million to BOk based on an argument of a "moral" obligation.

Administration was trying to get Airport land to deed to BOk, but FAA said "no way."

Not confirmed yet if Council approval is necessary, but new councilors woefully unaware of particulars, the decision is expected immediately and the timing around the holiday seems designed to minimize public fallout.

For more, Bates will be on my show at 2:30.

Moral obligation is correct. It's about integrity.

Has BOK given equal amounts if not more for so many other causes and public services they support in this town?

Medshlock, beat off.

[cannon_fodder]

Wow.  I don't appreciate people writing "moral" checks that draw from my tax money.  It was a business deal and it went south - the City lost money, investors lost money, and BOk lost money.  As a commercial lender, they reap profits when deals go well and suffer losses when they don't.  

It's business - unless the city did something unheard of in this deal... fill me in if I'm missing something.

$7mil is $20 for every man woman and child in Tulsa.  $60 from my family.  I'd feel more moral giving that money to river parks, the zoo, for public art, or a random church.  Sheesh.

[Hometown]

Looks to me like this needs lots of oversight.  On first take, it looks like pay back time.  It will be interesting to see if the World tries to brow beat us into supporting this?  You, know, calling critics "naysayers," and all that.

[FOTD]

I would think the Federal Regulators might have a problem with BOK just saying "forget about it".
And, they put the belt and suspenders on the original deal that was Savagely thought out.
I bet BOK has to take a write down. The banks affiliates as you know do a handsome job supporting education and social services throughout the city. I bet it more than balances out.

Sorry CF it's costing you $60 and us taxpayers even more. But it's not coming directly out of your pocket. Far more waste out of public works has cost you much more. I guess you better think twice about letting the government pour money into private enterprise capitalism.
Your other option is to welch on the city somehow in protest.

[cannon_fodder]

Explain your point of view to me FOTD - where does this moral obligation come from?

Also worth noting that I oppose most programs that filter public money to private companies AND would oppose waste brought to my attention in any level of government.  So shrugging and saying "they waste lots of money" seems a lousy reaction.

What about a Race Riot Memorial - is that not more of a "moral obligation" than paying off the bad debt of a corporation?

(note: I like BOk and do business with them, I understand their perspective.  It's all business and if they can sucker us into giving them $7mil, so be it)

[rwarn17588]

quote:Originally posted by cannon_fodder



What about a Race Riot Memorial - is that not more of a "moral obligation" than paying off the bad debt of a corporation?

Yes.

[FOTD]

Sucker may not be the right term.

Suck her (Suckretary of State that is) might be....

[FOTD]

quote:Originally posted by rwarn17588

quote:Originally posted by cannon_fodder



What about a Race Riot Memorial - is that not more of a "moral obligation" than paying off the bad debt of a corporation?

Yes.

+1

[Conan71]

Sorry can't listen at 2:30.  The headline of the thread and Chris' message doesn't specify whether it's city money or her personal funds.  I know which one to guess, but it's still a little cryptic.  Can she make decisions like this w/o full council approval?

[shadows]

Why all the gripping?  The Mayor is working for nothing and loves to give away money.   Your money that becomes more worthless each day.

[Friendly Bear]

quote:Originally posted by Conan71

Sorry can't listen at 2:30.  The headline of the thread and Chris' message doesn't specify whether it's city money or her personal funds.  I know which one to guess, but it's still a little cryptic.  Can she make decisions like this w/o full council approval?

Curiously, in advance of the recent city council election, BOK principal shareholder George Kaiser, his sister Ruth Kaiser, and BOK executive personnel were VERY generous in their contributions to various city councilors, who generally won their races.

Will these self-same city councilors now be beholden to vote for BOK's financial interest to repay them for their $7 million Great Plains Airlines loan??

Hmmmmmh?

[:O]

[sgrizzle]

It's been awhile but didn't the City put up collateral for this note, collateral that the $7M would essentially be buying back?

[FOTD]

quote:Originally posted by Friendly Bear

quote:Originally posted by Conan71

Sorry can't listen at 2:30.  The headline of the thread and Chris' message doesn't specify whether it's city money or her personal funds.  I know which one to guess, but it's still a little cryptic.  Can she make decisions like this w/o full council approval?

Curiously, in advance of the recent city council election, BOK principal shareholder George Kaiser, his sister Ruth Kaiser, and BOK executive personnel were VERY generous in their contributions to various city councilors, who generally won their races.

Will these self-same city councilors now be beholden to vote for BOK's financial interest to repay them for their $7 million Great Plains Airlines loan??

Hmmmmmh?

[:O]

FB, what if I own stock in BOK? What should my position be?

Sorry I could not listen to Medshlock and Bates on Fix Radio. I did not want to get damaged goods on a so-called "fair and balanced" radio channel. Did they have a representative from the city or BOK?

Why don't we do this in the future. Let's not let city funds go towards anything outside of citizen protection, education and public works. Let economic development go through the private sector.

How come these radio magnets aren't up in arms about the Areema which will be a far greater disaster than Great Plains? And what institution seems to be shoring up that financial loser?

[Friendly Bear]

quote:Originally posted by sgrizzle

It's been awhile but didn't the City put up collateral for this note, collateral that the $7M would essentially be buying back?

Maybe yes, maybe no.  Supposedly, land around the Air Force Plant #3 was pledged.

However, the Tulsa World reported that maybe the bank neglected to file a proper lien entry........

Hence, NO collateral on the loan.

Ooops!

How about asking former TAA/TAIT attorney Mr. Moneybags Studenny for the $7 million.

Didn't he have E&O insurance?

Hmmmmmmh?

[:O]