January 2008 What's New
January
30, 2008
A Bad Gamble MBTA Loses $55M in Risky Financial Bid
to Reduce Interest - The Boston Metro
The cash-strapped MBTA entered into risky financial practices aimed at reducing interest on its whopping debt, but the move backfired and the authority terminated the agreement by paying an additional $55 million in costs, according to a report released yesterday by State Auditor Joe DeNucci.
January
30, 2008
Audit: MBTA Wasted $55M in Debt Deals - Boston Now
Between 2000 and 2005, The MBTA blew $55 million by playing fast and loose with $1.6 billion worth of debt, State Auditor Joe DeNucci says.
January
30, 2008
T Veers into $55M Loss Auditor: 'Risky' Deals not a Sound Investment
Boston Hearald
The Massachusetts Bay Transportation Authority, under fire for skyrocketing fares and dependably late trains, lost tens of millions of dollars through the use of a “highly speculative” investment tactic, a new report from State Auditor Joe DeNucci finds.
January
30, 2008
State Auditor Faults MBTA on Debt Deals - Boston Globe
State Auditor Joseph DeNucci faulted the MBTA yesterday for a series of complex financial maneuvers designed to save the cash-strapped agency money, maneuvers he said drove up borrowing costs by $55 million.
January
29, 2008
DeNucci
says Risky Debt Practices Result in Increased Cost to MBTA
State Auditor Joe DeNucci reported today that an investment practice intended to help save money actually resulted in a $55 million increase in borrowing interest costs to the Massachusetts Bay Transportation Authority (MBTA).
January
24, 2008
A Tradition of Serving Newton's "Hidden Poor" - Boston Globe
Auditor DeNucci is one of the stars being honored as Newton Community Service Center celebrates its 100th anniversary.
January
10, 2008
DeNucci Calls for More Funding for Disabled Protection Agency
Boston Globe
The state agency that investigates allegation that disabled people are being abused doesn't have enough staff, State Auditor Joe DeNucci said today.