Folks we all gotta take off our hats to the DMR Beat Team at the Sun Herald because the gang is doing a great job, especially in today’s day and age of the local newsroom cut to the bone by absentee investor owned chains like the Sun Herald’s McClatchy that struggle under massive corporate debtloads. Bad times in the newspaper industry are no secret but the Sun Herald’s reporting on the unfolding scandal at DMR should remind us all of the societal value of high quality investigative journalism.
I mention this because often times one has to often read between the lines in a straight news story to fully understand the situation the reporter(s) is (are) trying to convey. Today it does not take much reading to figure out the Sun Herald would love to fully flesh out this entire DMR topic but they feel stymied. Here’s a long winded explanation why.
Today’s top story on DMR by Anita Lee and Karen Nelson on Bill Walker’s Foundation is mostly a recap of previous reporting dating back to December 8, 2012. That said it had a few new quotes from CMR Chairman Vernon Asper and yes, he comes across as clueless Billy Walker tool, which he surely was considering he chaired the Commission on Marine Resources yet evidently knew next to nothing about what was going on at the agency. This in turn is a massive breach of Asper’s fiduciary duty as Chairman of the CMR but we need to circle that for now. It also had quotes from emails involving Bill Walker’s son Scott arranging one of those taxpayer funded fishin’ trips with representatives of an engineering firm out of Mobile, Thompson Engineering. It was nice to see the taxpayers bought beer and that Pascagoula Mayor and fellow crony capitalist Robbie Maxwell has entered into the equation. Maxwell, Pascagoula’s part time Mayor is as bad as Bill Walker folks, maybe even worse IMHO.
As bad as this is, and believe me what Phil Bryant’s coastal political cronies have done is very bad, none of this is new and Gov Phil, better than anyone should know exactly what I’m talking about as he was state auditor when it all came down: ENRON.
It was massive accounting frauds at ENRON and WorldCom that led to government regulation of large swaths of the CPA profession and deservedly so I’ll add. For instance at ENRON there was an ossified, ineffectual Board of Directors stacked with politically connected phonies like Senator Phil Gramm’s wife Wendy, an economist that could rationalize about anything. At DMR, by their own admission we have a Board of Trustees that had no clue what was going on and who evidently did not bother to engage their jobs beyond the free boat rides, fishing trips etc. When the people that are supposed to be running the show are asleep at the switch bad things happen as we found out at ENRON and now DMR.
ENRON used off balance sheet special purpose entities or (SPE in accounting lingo) as a major vehicle for much of the criminal activity that occurred DMR director Bill Walker created an off books foundation that sucked all manner of tax dollars away from DMR’ mission to support the boats Walker used to wine and dine everyone on the taxpayer dime and lord knows what else. Continue reading