Hollywood Sign Expected to Read 'Save the Peak' on Thursday
Hugo's Introduces Vegan Mac & Cheese
![_Bye, Bye Hollywood Sign... at Least Temporarily [Updated]](http://laist.com/assets_c/2009/12/view_behind_hwdsign-thumb-110x110-464762.jpg)
Bye, Bye Hollywood Sign... at Least Temporarily [Updated]
Photos: Laundry Day in L.A.
One Way to Take Care of Business
Will this many buses be around at the same time on Wilshire if the MTA cuts happen? | Photo by LA Wad via the LAist Featured Photos pool on Flickr
Although yesterday brought the encouraging news of a service expansion for late-night weekend riders on the Red Line during the holiday season this year, this morning the news about MTA service overall is rather discouraging.
Because the MTA was involved in a top dollar "lease-back" loan program with failed financial corp AIG, they now need to find another company to work with. cbs2.com explains: "Between the late 1980s and 2003, the MTA sold its buses and rail equipment to investors and leased them back, with AIG providing $1 billion in loans to MTA." If the MTA can't find someone else to back them with the bucks, they will need to pay their investors back "hundreds of millions of dollars."
So how does this affect the 1.5 million MTA users who ride the buses and rails daily (and in increasing numbers as the economy worsens)? Well, according to their CFO Terry Matsumoto the MTA, already reeling from the recent loss of over $100 million in state funding, "will have to cut service if officials fail to negotiate new deals."
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So when do we expect to hear the announcement of the wholesale firing of MTA management?
Douglas
i am an employee of LA METRO,
I'M A METRO EMPLOYEE, AND I KNOW OF A LOT OF WASTE, LIKE MANAGERS AT BUS DIVISION USING MTA VEHICLES FOR PERSONAL USE, BUYING FORD EXPLORERS FOR ROAD SUPERVISORS AT THIS TIME WHEN GAS PRICES ARE VERY HIGH, AND IF YOU WALK INTO METRO BUILDING YOU'LL SEE THAT MOST OF THE EMPLOYEES TAKE A LOT OF BREAKS DURING THE DAY, AND LONG LUNCHES AND THEIR SUPERVISORS DONT KNOW IT BECAUSE THEY ARE RARELY THERE.
STOP WASTING TAX DOLLARS AND IF YOU WANT TO CUT SERVICES CUT THE SIZE OF THE BOARD AND A LOT OF ADMIN POSITIONS THAT DONT DO ANYTHING GOOD ANYWAYS.
Damn it! I voted for Measure R, and now I feel like it won't even matter.
What the hell! Why does my cynicism have to be reinforced by facts?!
God I am such a sucker for transit money, even it will all got to freeway projects and backfilling the MTA's obligations to lenders in some cockamamie scheme to raise cash for the MTA's slush fund.