Wednesday, March 23, 2011

Uh-oh. The bond pimp is back.

Help. Porter Bingham is back and he brought some friends. The Clarion-Ledger reported today:

"Hoping for a quick strike in a volatile bond market, the city of Jackson has hired a team of strategists, aiming to save $1.5 million in debt on bonds issued in 2002 for water-sewer system work.

The city has hired Malachi Financial Products as financial adviser, in addition to attorneys and underwriters, whose purpose will be to land an interest rate that will give the city a little pocket change while it pays the tab on a $40 million 2002 bond package.

That amount is only one-tenth of the $400 million the city faces to renovate its crumbling sewage system
..... (Kingfish note: This is NOT Malachi in Ridgeland.)"

Porter Bingham of Malachi said his financial advisory firm has represented the city in "a number of its financial transactions." Article

What snake oil is Porter's posse selling Jackson this time? You might remember he conned the city council into approving a $25 million bond refinance a year ago that will cost the city $8 million more than if no refinance took place. See earlier post. In fact, the city budget is going to have a nice $6 million hole in the budget between years four and six of the bond refinance when Jackson goes from receiving a $5 million payment from the refinance last year to paying $1 million a year. The payment later increases from a $1 million to $4 million a year for several years and $6 million in the last year (The data is in the post linked above. Click on the picture in that post for the table. Its fairly easy to read.).

JJ also reported last year Mr. Bingham and Malachi group were disciplined several times by various regulatory agencies since 1997:

"A check of FINRA's database reveals NASD suspended Mr. Bingham for twelve months and fined him $10,000 in 2007 for not telling the truth on Malachi's financial statements provided to NASD. FINRA Report (Page 9).

Mr. Bingham has never re-registered with the FINRA or SEC. He is not registered with the state of Mississippi as a broker/dealer or an investment adviser. However, Mr. Bingham is not the only party in this deal who has faced regulatory problems as Malachi has its own checkered history. Regulatory agencies have disciplined Malachi seven times since 1997. The National Association of Securities Dealers expelled the firm for not paying fines in 2006."

Mr. Bingham is not currently registered with a FINRA firm. Malachi did register with the SEC as a municipal adviser. Dodd-Frank now requires the registration of such advisers. One can only wonder what Porter's Posse has planned for Jackson.


Black as Donna said...

Maybe we should wait for the Schaefer-cub to explain this to us.

Kingfish said...

Maybe we should because I could barely understand it the way Campbell wrote it.

Anonymous said...

Dang, I had my IRA with them. I wondered why the latest statements listed the account as "house account" rather than Malachi as the broker.

Anonymous said...

If the city conitues to refinance this long range bond indebtedness, we will NEVER be able to pay the bonds off, and start new ones for repairs. This is like refinancing your home every 4 or 5 years, paying exhorbitant closing costs, and never really getting after the principal. This really is shortsighted, stupid, and irresponsible.

AND this Bingham lecher is slick....real slick.

Anonymous said...

No, it is all you say AND WORSE than that 4:47. Because after every re-fi there are fewer actual taxpayers remaining in Jackustan to service the debt.

Anonymous said...

Awful. "this feels like Jefferson County, AL"

Anonymous said...

The city could have borrowed the money from the state for under 2% interest, with no bond fees or bond attorneys, for any term up to 20 years. I think the drinking water loans have a 5% one-time admin fee and the sewer loans have no fee at all.

Anonymous said...

You know, it's hard out here for a pimp! .....

Anonymous said...

Is that really a pic of the Bond Queen with whom the city is dealing?

Anonymous said...

Her outfit is gnarly.

Wade said...

Ummmm, that would be a pic of the Pimp of the year. It's just a shame you can't see the bottom of his shoes in the pic. It's the best part of the whole outfit. Hysterical movie.....for those who don't know, it's I'm Gonna Get U Sucka...

Anonymous said...

Porter was in town this week...after all it's Christmas and everyone needs money to buy gifts. I wonder what Harvey's getting?

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Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

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