In this week's column in Urban Tulsa Weekly, I review what happened with Bill LaFortune's plan to have the city pay off the $7.5 million owed by Great Plains Airlines to the Bank of Oklahoma, and ask some questions that need answering.
The cover boy this week is my friend Jamie Jamieson, developer of the Village at Central Park. Jamie was interviewed by Gretchen Collins about exciting developments in the 6th and Peoria area (soon to become known as the Pearl District).
All that and much more in the November 17 issue of Urban Tulsa Weekly.
Comments (4)
Great writing Michael -- writing far superior to anything we will see in the T.W.!
The Great Plains/Bank of Oklahoma financial mess is as embarrassing to Oklahoma as when Governor Frank Keating was caught receiving $250,000 in GIFTS
from New York financier Jack Dreyfus. When there were calls for an ethics investigation to the Keating/Dreyfus Scandal, Frank and Cathy Keating returned the $250,000 back to Dreyfus.
Michael Bates should be our next Mayor
Posted by susan | November 16, 2005 9:03 PM
Posted on November 16, 2005 21:03
Thanks for the article, Michael, it's the best overview I've seen on this mess. It makes you wonder what the eventual outcome will be. If BoK has to take the loss, does that mean that they'll use the loss to offset taxes somewhere down the road, indirectly tapping into a larger pool of "donors"?
Or will they just add a new layer of bank customer charges and recoup the loss the old fashioned way, from the little people?
Posted by Dave | November 17, 2005 10:37 PM
Posted on November 17, 2005 22:37
All banks keep a reserve to cover losses from bad loans. BOk's reserve was over $100 million in the most recent report I've seen.
Posted by MichaelBates
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November 18, 2005 8:33 AM
Posted on November 18, 2005 08:33
Tulsa's credit worthiness is at stake. Who will buy our "junk bonds"? How we gonna borrow money for a soccer stadium for a few year franchise that eventually will fold or move?
I am certain more Enrons will move jobs here once they figure out we are a city of easy financial dupes and easy banks. Medlock and company are out of their league on this one. As is chairman Bill. Important sensitive business like negotiations are needed here and both parties need to compromise. BOK ought to let Chester give the money for naming rights on Quick Trip Arena.
Posted by Michael Sanditen | November 18, 2005 1:43 PM
Posted on November 18, 2005 13:43