“There seems to be general agreement that this is a bad transaction. There seems to be general agreement that this transaction exists for the wrong reasons,” said Commissioner Vic Mazziotti. “I think there are tremendous risks in this transaction…I think what this transaction does is take a city problem and make it everybody else’s problem.”
This is really nuts. LCA gives Allentown money, and they get control of a very valuable asset in return. Instead of being at the mercy of somebody else’s water source and prices, they’d control the source. It’s a good deal for them.
At no point does Allentown’s pension problem become anybody else’s problem here. Allentown gets the money. They could use it for whatever they want. It’s none of the tea people’s business what Allentown uses the money for after that.
This is like if you offered to sell me your guitar so that you can pay off a credit card, and I turn it down because I’m morally offended you had some debt in the first place, even though I really want the guitar. How is it any of my business what you’re going to use the money for? Especially if you’re using the money to get yourself out of a bad situation? At no point have I become a party in the transaction between you and your credit card company. I am part of one transaction – guitar for money – and it’s the same deal with the LCA.