The bank gave up. The debt keeps accruing and we have no economic development strategy to pay it back. Our great grand children will be paying this debt.
It became clear at the end of April that Bank of American was abandoning its agreement to search for outside financing for the tribal casino in Taunton. It is such a futile effort, Bank of America severed all ties, and waived fees for any work it had done. BOA just wanted out. Clearly the search for legitimate gaming finances is untenable. And Cedric s failure to deliver in the process is becoming more apparent to the players in that process.
Genting spokesperson Kevin Jones, meanwhile sold the Massachusetts Gaming Commission a bill of goods when he said Genting would underwrite the whole casino….over $500 million. He knew that ” the biggest gaming entity in the world ” was tanking. He also knew that Genting repeatedly told Cedric Cromwell and the Council that they had to find outside financing. And now one of the nation’s most legitimate and reliable financial institutions has bailed. We are toxic indeed.
It’s been 6 weeks since the phony groundbreaking and no construction ….at all. Genting has serious financial issues evident in this headline from this article in The Straits Times Business.
“Genting Singapore’s Q1 profits slumps 83% on bad debt” read more if you can stomach it.
http://www.straitstimes.com/business/companies-markets/genting-singapores-q1-profit-slumps-83-on-bad-debts?&utm_source=facebook&utm_medium=social-media&utm_campaign=addtoany
Guess that little story dispels the greatness of Genting. It almost appears that our fledgling Tribe is propping up Genting with the huge interest rates paid on the millions loaned. Right now, we are $285 m in the hole and we get absolutely nothing but a government lead by a liar and the Wicked Wamp 8.Their work ethic amounts to showing up on Friday to pick up a big fat check.
We break it down tomorrow.
