Point of View: All Aboard investors, aka taxpayers, merit big picture
By JOHN F. “MICKEY” McROBERTS, JUPITER June 30th, 2014 Full Article
All Aboard Florida???? The power of suggestion can be very powerful. Some of us hope not.
To be fair and reasonable, if we are being asked to participate as co-investors (also known as taxpayers, and arguably principal investors) in this project, we deserve more information, particularly if it already exists.
In the private sector it is called a prospectus. Cries of “trade secrets” sound more like deception over plain secrets. Sure, it must include the usual disclaimer language as well as the anticipated ROI, or return on investment (just in case the so-called investment fails to deliver on so-called promises only after being informed of all known risks). Simply stated, if we are the ones fronting the most money in this deal, we deserve to know about the potential downside risks.
U.S. rail history tells us this deal is definitely not all blue sky. And lest we forget, Wall Streeters have proven over and over again that they are not trustworthy (remember those mortgage credit default swaps of 2008?). Greed and mitigation of their risk rule their world, not our best interests.
Believe this: What ultimately happens to the actual investors themselves is a secondary consequence. Ideally, it works out for all involved, but that is a Utopian concept rarely realized. Realistically, there are always compromises. So, logic should tell us, the investors, to be cautious. The facts we have so far should provide more than ample reason for concern.
However, to be completely fair, we still need more information. We’ve all heard, “follow the money.” Shall we?
It’s time that All Aboard Florida shows us the picture, the entire picture, the high-res, IMAX version. Otherwise, we are the ones who should ultimately reserve the right to say, “no, no, and hell no!”
JOHN F. “MICKEY” McROBERTS, JUPITER