Wednesday, October 26, 2011

Did Tommy want 2 Be Mayor that BAD?

Tommy’s Crowning Achievement? For 8 long years now we have all heard “the anointed one” King Tommy tout his success. While no can dispute Tommy singlehandedly restored the Cities Credit Rating, I wondered how it got damaged in the 1st place.

What I found out is this: TAN: Tax Anticipation Loan, this is the type of loan all municipalities use to pay operating expenses while they wait for citizens to pay their taxes. That being said let’s look at what Wilkes Barre did back then.  

In 2003 Mayor McGroarty took a 6mo TAN from FNCB instead of the standard 1 year TAN. Why who knows but when he realized his error and went to council to ask for permission to refinance the error at a lower rate from PNC. Council Chairman at the time Thomas Leighton said NO WAY. No way are we giving a 3rd TAN!

Now my question then and now is if you have a mortgage that is in foreclosure and another lender offers you a chance to refinance at a lower rate would you not JUMP on it? Well King Tommy didn’t, and I wonder why. The Citizens Voice 09/18/03 Stated “McGroarty feels council's inaction on the city's third TAN of the year is politically motivated.” Ya think?

What happened next? 
  • Well we “The City” defaulted! Credit rating in the toilet! 
  • McGroarty lost to King Tommy! 
  • King Tommy got council approval to refinance! 
  • We “The City” paid $500,000.00 in penalties and late fees! 
  • Credit Rating Restored YEAH!!! 
  • Go King Tommy! Proudest Achievement my FOOT!! 

Wake Up Wilkes Barre!


  1. A good credit rating does not necessarily mean that you do not have massive debt. Exactly how much in debt present and future is W-B??
    And when do these payments become due and payable and are no longer interest only payments?


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