TRIMET FUEL FUTURES FIASCO

Trimet officials obviously didn't read this

Trimet officials have been publicly blaming the union for all financial problems at Trimet while it is the management themselves that have created the problem by wantonly wasting tax payer dollars.
 

 And in this article we see how the pattern of keeping things out of the public domain is standard operating proceudre at Trimet. Everything is secret at Trimet

TriMet has lost $2.6 million so far on a two-year diesel fuel hedge contract it entered into in August, part of a bleak budget picture that has the transit agency proposing to cut 12 of its 93 bus lines.

TriMet did not disclose the $2.6 million lost from September through January when it proposed last month some $6 million in service cuts for next fiscal year -- its sharpest reductions in more than a decade. Instead, the agency emphasized sharply reduced payroll tax receipts, which make up more than half TriMet's revenues.  

Nor have agency officials discussed the hedge losses before the agency's full board, even though TriMet could lose hundreds of thousands of dollars more in coming months.
The board's finance committee is aware of the losses, board President George Passadore said. 

The amount of the losses came to light last week through the efforts of Portland citizen activist Thomas O'Keefe, who pressed the agency for details on the hedge agreements.
Passadore, a former Wells Fargo executive, said there was "absolutely" no attempt to hide the hedge losses.

 Read the full article by Bob McEwen, The Oregonian@ TriMet's gambit on diesel fuel goes bust | OregonLive.com