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Audit: MARTA made $15 million from risky AIG-backed leaseback deals

November 2, 2009 --

MARTA’s risky venture into complicated leaseback transactions with insurance giant AIG and others has turned a $15 million profit, at least so far, state auditors said today. Dozens of U.S. transit agencies took part in the leaseback deals, which offered a profit for MARTA and a tax shelter for the investors. The deals seemed safe until AIG lost its AAA credit rating a year ago, leaving MARTA on the line to pay termination fees that could have totaled hundreds of millions of dollars.

Trash talk from ex-DOT chair: Audit findings ‘absurd,’ Perdue’s comments “irresponsible”

Trash talk from ex-DOT chair: Audit findings 'absurd,' Perdue's comments "irresponsible"
August 3, 2009 --

David Doss of Rome, former chairman of the state Transportation Board, got riled up the other day about the state auditor’s findings of financial mismanagement at DOT. So he wrote AtlantaUnfiltered to share a piece of his mind. Auditors said DoT spent billions of dollars that it did not have, which Doss labels “absurd.” And he chided Gov. Sonny Perdue for using the term “Enron accounting” to describe DOT’s cash management procedures. Read his post …