BailoutWatchPA

TARP FUNDS TO THE KEYSTONE STATE

2009-07-01T05:44:00.000-07:00

Please join the conversation by posting any TARP money you know of which has gone to politically connected bankers in PA. We believe many bank which didn't need the money got it anyone, just for knowing the right Senators.

Brian Tierney's Expenses: Should they paid with your tax dollars?

2009-06-30T14:12:00.000-07:00

Wow is bankruptcy ever a pain for Philadelphia Media Holdings CEO, Brian Tierney, so much so that he may be seeking a federal bailout from U.S. Senators Arlen Specter and Bob Casey, but while many of his expenses are being publicly disclosed.

Here's what we know:

1. Last Year it was disclosed that Tierney had been in talks with Governor Rendell about a bailout from the Commonwealth. This bailout would have come in one of several forms, according to spokesmen for Rendell and Tierney. It was suggested that the Governor's office might rent space from the Inquirer to prop up revenue. It was suggested that the Governor might be a loan guarantee. There were even credible rumors of a payment, such as a grant, to the Inquirer. Political pressre was ultimately too great and both parties had to back away from the deal.

2. PMH CFO Richard Thayer testified in a bankruptcy hearing and disclosed that he was paid upwards of $475,000/ year in salary. When asked if he thought this compensation to be fair, Thayer said he believed he was underpaid. He also disclosed that he received a $5,000/month stipend so that he can live in the City. Tierney apparently got a raise of $232,000 last December and a recent bonus of $350,000. Meanwhile, PMH owes some $450,000 in real estate taxes to the City of Philadelphia. The company also reported $95 million in outstanding debt when it filed for bankruptcy.

Here's what we need to know:

1. Is the City of Philadelphia going to allow those property taxes to remain uncollected? Will this be a small bailout from the city?

2. Will Tierney and Thayer keep their raises, or will they take $1 salaries like GM's former President Rick Wagoner and CitiGroup's Vikram Pandit?

3. Will Thayer give up his housing stipend and move out the suburbs, or maybe to a more modest home, like the hundred of PMH employees who received neither bonuses nor raises?

4. Will Bruce Toll and the Board of Directors of PMH finally ask Brian Tuerney to step down and appoint an unconflicted caretaker CEO to run the company as it works through bankruptcy?

If you know the answers to these questions, please post them.

More Bogus Bailout Funds Headed for Pittsburgh

2009-06-30T14:07:00.000-07:00

Rumor has it that Senator Specter was just in Pittsburgh touting the federal stimulus funds he is going to bring for a high speed train to run the length of the Commonwealth.

Specter has tried to get this project going for years, working with Jack Murtha and Bud Shuster, and has already spent tens of millions of tax dollars on it. We all know it will never be put into service but this train (which would only have two stops west of Harrisburg: Altoona and Johnstown, go figure) continues to be a tool for these politicians to promise jobs to poor and struggling communities. Anyone with information: Please post it on this site. We need to know more details, including what other politicians are involved in this scheme.

I Just Called Casey's Office in DC

2009-06-30T12:56:00.001-07:00

They will not confirm or deny the deal. I have a feeling this is going to be a "I have no recollection of that bailout" deal. Has anyone heard anything?

Is the Philadelphia Inquirer getting a federal bailout? Senator Casey's might think so...

2009-06-30T09:37:00.000-07:00

Well it looks like Brian Tierney is at it again. After word got out that he had cut a back room deal with Ed Rendell last year, which would have given his failing ego-venture The Philadelphia Inquirer a much needed injection of cash, Rendell backed off and left his friend stranded. Sources in Senator Casey's office, though, have indicated that Casey is working with his brother, an attorney who represents the Inquirer, to try and secure federal bailout money for newpapers -- specifically for the Inquirer.

DOES THE INQUIRER DESERVE YOUR HARD-EARNED MONEY?

In recent bankruptcy hearings, the $600,000/year CFO of Philadelphia Media Holdings (The Inquirer's parent company) told the court that he was underpaid, that he deserved the additional $5,000/ month he receives for housins, and that Brian Tierney's full time chauffer is a necessity. Do these people really deserve your taxpayer money to continue operating their failing business?

We would love to hear your thoughts. Please blog and tell us how you feel about the possibility of Senator Casey sponsoring a federal bailout for the Inquirer. If you believe that a bailout for newspapers in this economy is a bad idea, call Senator Casey's office at (202) 224-6324 and tell him NOT TO SUPPORT A BAILOUT FOR NEWSPAPERS.