Port of Bellingham gave millions to AIG
Port of Bellingham gave millions to AIG
We local taxpayers have contributed $20 million of our own tax dollars to AIG’s executives. Remember? A couple years ago the Port bought an insurance policy from AIG to cover possible over co
We local taxpayers have contributed $20 million of our own tax dollars to AIG's executives. Remember? A couple years ago the Port bought an insurance policy from AIG to cover possible over costs from cleaning up the Georgia Pacific waterfront site. It had a $20 million dollar premium. Which comes directly from our local Bellingham and Whatcom County property taxes.
What is worse is the wording of this "insurance" policy. AIG took the Port - and us. Scammed us small town folks. The conditions of the policy are such that AIG will never be required to pay anything to us. And soon AIG will be renamed and possibly reconstituted and continue on its merry way - with our money serving them nicely but of no value to us.
Ours is just one of the many "insurance" plans AIG sold that it cannot cover. Don't expect the government bailout to help us. We are not vital to the health of our national financial system. We are probably on our own.
Gee - you find this hard to believe? The Herald hasn't told you? Well, don't look now but your local newspaper has never been very good good at telling you the news or giving you common sense perspective on it. A long tradition. In the early 1950s the Herald cooperated with Mobil Oil in not reporting that Mobile was buying up farms at Cherry Point on the cheap through a local real estate broker - who was, of course, keeping secret from the farmers who his client was. When all the farmers had been bought out then the Herald proudly ran a front page headline with the news that Mobil Oil would build a refinery here. Printing this news earlier would have allowed the farmers to get a better price for their land. The Herald even bragged that they kept the information secret.
Ahh - but this is about our tax dollars and AIG. The conditions of our insurance are that the Port must defend in court against any effort by anyone to have all that toxic mercury cleaned up. Yep - lots of clauses like that to allow AIG to never have to pay. Your elected, currently serving, Port Commissioners bought that. Walker, Smith and Jorgensen. Anyone want to run for Port this year?
Why would the Port act as such losers on such a deal? To silence local critics who said the waterfront was too expensive to clean up. The Herald ran nice Port propaganda articles at the time. Ooops, I'm straying back to the Herald.
Gentle reader, our waterfront is a toxic mess - worse than Love Canal. Mercury? We have tons of it there and the Port plans to use untested and half baked methods of covering it. Tens of tons of toxic mercury. Their test coverings of a few years ago failed - but the Herald didn't tell you about that either. In the future the excuse will be something like "Gee, we didn't realize at the time. We have learned so much more since those early years around 2009". Something like that. Just bull.
Finally there is our state Department of Ecology - which for over 15 years has been avoiding any tests where the mercury is concentrated. They have cooperated in first enabling GP to poison us and now for the Port to poison us and our children and our grandchildren. All while the Port just blows our money away on a bogus insurance policy.
Find all this hard to believe? Check this link - and ask questions at the next Port meeting. And, if you think any of these statements are not completely correct, then comment and set me straight.
What is worse is the wording of this "insurance" policy. AIG took the Port - and us. Scammed us small town folks. The conditions of the policy are such that AIG will never be required to pay anything to us. And soon AIG will be renamed and possibly reconstituted and continue on its merry way - with our money serving them nicely but of no value to us.
Ours is just one of the many "insurance" plans AIG sold that it cannot cover. Don't expect the government bailout to help us. We are not vital to the health of our national financial system. We are probably on our own.
Gee - you find this hard to believe? The Herald hasn't told you? Well, don't look now but your local newspaper has never been very good good at telling you the news or giving you common sense perspective on it. A long tradition. In the early 1950s the Herald cooperated with Mobil Oil in not reporting that Mobile was buying up farms at Cherry Point on the cheap through a local real estate broker - who was, of course, keeping secret from the farmers who his client was. When all the farmers had been bought out then the Herald proudly ran a front page headline with the news that Mobil Oil would build a refinery here. Printing this news earlier would have allowed the farmers to get a better price for their land. The Herald even bragged that they kept the information secret.
Ahh - but this is about our tax dollars and AIG. The conditions of our insurance are that the Port must defend in court against any effort by anyone to have all that toxic mercury cleaned up. Yep - lots of clauses like that to allow AIG to never have to pay. Your elected, currently serving, Port Commissioners bought that. Walker, Smith and Jorgensen. Anyone want to run for Port this year?
Why would the Port act as such losers on such a deal? To silence local critics who said the waterfront was too expensive to clean up. The Herald ran nice Port propaganda articles at the time. Ooops, I'm straying back to the Herald.
Gentle reader, our waterfront is a toxic mess - worse than Love Canal. Mercury? We have tons of it there and the Port plans to use untested and half baked methods of covering it. Tens of tons of toxic mercury. Their test coverings of a few years ago failed - but the Herald didn't tell you about that either. In the future the excuse will be something like "Gee, we didn't realize at the time. We have learned so much more since those early years around 2009". Something like that. Just bull.
Finally there is our state Department of Ecology - which for over 15 years has been avoiding any tests where the mercury is concentrated. They have cooperated in first enabling GP to poison us and now for the Port to poison us and our children and our grandchildren. All while the Port just blows our money away on a bogus insurance policy.
Find all this hard to believe? Check this link - and ask questions at the next Port meeting. And, if you think any of these statements are not completely correct, then comment and set me straight.
3 Comments