Saturday, June 28, 2008

Borrow me $4 million

Rep. Victor B. Hocog says they're looking at raiding the Marianas Public Land Trust for four of the six million dollars needed for temporary power from Aggreko International.

Woops, how do they stick with "strict standards of fiduciary care" while making " reasonable, careful and prudent investments" on this one?

Fool me twice, shame on me

The Commonwealth Development Authority has already tossed $45.5 million into that black hole. Maybe they've read up on fiduciary duty: while forgiveness was 'authorized' they didn't go for it. Oh, but CDA did give Gov. Benigno R. Fitial another $4 million two months after the first bill.

So I suppose MPLT will have to stand in line for repayment.

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