Fun with numbers at the CCIA

The CCIA has been in the headlines quite a bit recently. Lou’s juggernaut is full-steam ahead in “trash Steve Wymbs” mode. Before you blindly believe the pablum being served by a willing press, keep a few things in mind.

When Wymbs resigned, both sides were beholden to a legal agreement to not discuss the particulars. Wymbs is currently in California, incommunicado; Magazzu immediately launches a full-court press, using every opportunity to take Wymb’s name in vain.

Fact – when Wymbs was in control, the board of directors, stacked by Lou, has full access to all financial particulars, and had a duty to know what was going on. They had a responsibility to report to their freeholder liaison any pertinent information.

Lou is blaming Wymbs for the proposed expansion of the landfill.  However, it was Lou’s appointed board of directors that approved this expansion and accompanying borrowing repeatedly.

Lou seems to allude that Wymbs mislead him about the credit-worthiness of the CCIA.  However, their rating was not a number that Wymbs made up. The CCIA had an A3 bond rating by Moodys, certainly not a fly-by-night operation. Moodys surely would not be mislead by the smooth talk of a Director, as Lou Magazzu seems to imply.

The solvency and financial status of the CCIA is information that Magazzu was privy to, if he was only willing to look and listen. However, I imagine he had another plan – first to get rid of Wymbs (his animosity towards Steve was well publicized) and then to destroy Steve with innuendo and venom long after he was gone.

Lou puts his patsy in place. Don Rainear – who comes with such glowing recommendations from the many, many previous public patronage jobs that he was ousted from – is given the job of painting as bleak a picture as possible. “Moody’s must have been involved in Wymb’s grand conspiracy to drive the CCIA into the ground.” By what outside authority does Rainear back up his conjecture? He needs none, his word is gospel to Lou – more likely his findings are coming directly from Lou, having been predetermined.

Here is my prediction. Rainear’s findings will be exactly what Lou wants them to be, and will be used as “evidence” of Wymb’s total mismanagement of the Authority for personal profit. This in turn will be used as the reason that the county should take control of the CCIA, hence allowing Lou total access and discretion for funneling the excess money towards his own pet projects – read: money to go only to Democrat insiders to waste and spend as they see fit.

Keep your eyes on this one, folks!

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6 Responses to Fun with numbers at the CCIA

  1. Curious says:

    Now fiscal position of the CCIA is now so bleak.
    If this is true then they cannot they afford to give
    $1 million to the Levoy & $1 million to Bridgeton stadium.
    The press accepts at face value that the CCIA is broke. Then thay do not question the multi million dollar giveaway? What drugs are they on?

  2. WuLi says:

    Actually that $1 million was not to the Levoy, but to the city of Millville for a road project. The money was committed a year ago. The city opted to designate it for the Levoy as other sources had been found to cover the road project.

    However I do agree that the local press does not really dig beneath the surface on many stories, but regurgitates whatever information they are fed.

  3. Lucky the Dog says:

    Post the CCIA financials. They have to be public. Why banter over things so inadequately described. The “annual Report” is available for the asking. It has all expenditures, reserves, and an accountants analysis of the operation.

  4. Deep Throat says:

    Magazzu claimed the CCIA was losing money some years ago. He wanted to sell it to a group of investors.
    The county CFO went and reviewed the numbers. The report proved the CCIA was in good financial shape.
    Magazzu was furious and threw the report at the CFO.
    He was ordered to never go to the CCIA without his express permission.
    The CFO resigned.
    Magazzu is now setting up the sale to his investor friends that he could not accomplish some years ago.
    Should be very profitable to Magazzu & Rainear.

  5. Grinch says:

    DT Why would Lou want to get rid of the CCIA if it is a cash cow? The economy will eventually turn and tipping fees will return millions for those ready to take the trash. Wouldn’t controlling the money be more attractive?

  6. WuLi says:

    That’s just it, Grinch – Lou has been trying to take over the CCIA for years. Wymbs and the board f directors didn’t allow it. Lou, one by one, planted his own people on the board. With Wymbs out now, and Don Rainear in, and with this latest obfuscation of the facts Lou can now eliminate the CCIA and take the landfill under county control. It is all playing out as this website and other predicted almost a year ago.

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