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MTA Squabbling + Poor Management = Years of Delays and Nearly $2 Billion Over Budget on Mega-Projects

Thursday, December 23, 2010

WNYC
The MTA's proposing to widen all sidewalks to at least seven feet. The MTA's proposing to widen all sidewalks to at least seven feet.

MTA Inspector General Barry Kluger is looking at why three of the agency's four big projects are behind schedule and over budget by nearly $2 billion. He said in a new report that squabbling at the agency is a big part of the problem.

Kluger says MTA project overseers clashed with an “independent engineering firm” -- it did not name the firm -- over who was in charge of monitoring mega-projects like the Second Avenue Subway. For example, the report shows MTA staff sometimes withheld information from the engineers. Other times, engineers filed reports without clear summaries or too technically dense to understand.

Three of those projects are now a total of $1.93 billion over budget and delayed by two-and-a-half to five years. That means subway riders and others must slog through construction zones while waiting for repeatedly delayed expanded service as taxpayers rack up greater and greater debt.

These “mega-projects have experienced well-publicized budget overruns and disruptive schedule delays that have seriously undermined public confidence in the MTA’s management,” the report said.

Two of the projects are already five years behind schedule: an extension of Long Island Railroad to Grand Central Terminal, now expected to be done by April 2018, and the first leg of the Second Avenue subway, now scheduled for completion in 2017. The Fulton Transit Center, with its projected finish in 2014, looks good by comparison. It’s only two-and-a-half years late.

Only the 7 Train Extension, the last of the MTA’s four mega-projects, does not suffer from the same extreme degree of lateness and cost over-runs. The four projects have budgets totaling $15.32 billion.

At Kluger’s insistence, the MTA has separated the squabbling entities. The agency’s Office of Construction Oversight will now manage the independent engineer. The Office’s mandate is to bring about “less conflict and more effectiveness to the oversight process.”

Kluger said another problem was mega-projects bidding against each other for a limited number of highly specialized contractors, which drove up prices. He warned that this might soon happen again as each project goes shopping for contractors to install signal and communications systems.

The Inspector General said MTA Chairman Jay Walder has accepted the report’s findings and used them to tell the Office of Construction Oversight to get a firmer grip on spending and scheduling.

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Comments [19]

Liu Xueming from Los Angeles, CA

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2. Total Face Value: Min of 1M Euro/USD (One Million Euro/USD) to Max of 5B Euro/USD (Five Billion Euro/USD).
3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or any Top 25 WEB
4. Age: One Year, One Day
5. Leasing Price: 5.0% of Face Value plus (0.5+X)% commission fees to brokers.
6. Delivery: Bank to Bank SWIFT.
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DESCRIPTION OF INSTRUMENTS:
1. Instrument: Bank Guarantee (BG/SBLC)
2. Total Face Value: Min of 1M Euro/USD (One Million Euro/USD) to Max of 5B Euro/USD (Five Billion Euro/USD).
3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or any Top 25 WEB
4. Age: One Year, One Day
5. Leasing Price: 5.0% of Face Value plus (0.5+X)% commission fees to brokers.
6. Delivery: Bank to Bank SWIFT.
7. Payment: MT-103.
8. Hard Copy: Bonded Courier within 7 banking days.

All relevant business information will be provided upon request.

If Interested kindly contact me via Email:~
Mr. Carl Abrahamsson
Email: carlmab.broker@gmail.com
Skype: carlab.brokers

Jun. 13 2013 12:36 PM
Elberto Garcia from New York

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All inquires to Mr. Elberto Garcia should include the following minimum information so I can quickly address your needs:

*Complete contact information:
*What exactly do you need?
*How long do you need it for?
*Are you a principal borrower or a broker?

DESCRIPTION OF INSTRUMENTS:
1. Instrument: Bank Guarantee (BG/SBLC) (Appendix A)
2. Total Face Value: Euro/USD 1M MIN and Euro/USD 5B MAX
3. Issuing Bank: HSBC London, Deutsche Bank Frankfurt or Any Top AA rated Bank
4. Age: One Year, One Day
5. Leasing Price: 5% of Face Value plus 0.5% commission fees to brokers.
6. Delivery: SWIFT TO SWIFT.
7. Payment: MT-103.
8. Hard Copy: Bonded Courier within 7 banking days.

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Email: elgarcia.sblcfinancing@gmail.com
Skype: elgarcia.sblcfinancin

Jun. 04 2013 07:57 PM
Sorin Lassmann

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Letter of Credit ( LC)
From Various Banks in Singapore / HongKong / Europe /USA
Used For Import / Export Business and Trade Finance .
90/180DAYS
Bank Guarantee ( BG )
Fresh Cut
Slightly Seasoned
Seasoned
Stand By Letter of Credit ( SBLC )
90DAYS / 180/ 365DAYS
Regards
Contact : Mr. Sorin Lassmann
Email: providermandate.ls@gmail.com
Skype ID: ls.nicu

May. 12 2013 08:39 AM
David Bonn


SIR/MA. We offer Fresh Cut BG, SBLC, MTN & Loan

We offer Fresh We are direct providers of Fresh Cut BG, SBLC and MTN which

are specifically for lease, our bank instrument can be engage in PPP
Trading, Discounting, signature project( s) such as Aviation,
Agriculture, Petroleum, Telecommunication, construction of Dams,
Bridges, Real Estate and all kind of projects. We do not have any
broker chain in our offer or get involved in chauffer driven offers.
We deliver with time and precision as sethforth in the agreement. Our
terms and Conditions are reasonable, below is our instrument
description.

The procedure is very simple; the instrument will be reserved on euro
clear to be verified by your bank, after verification an arrangement
will be made for necessary bank documents and stock testi
kasmare717: ting expenses,
the cost of the Bank Guarantee will be paid after the delivery of the
MT760,

DESCRIPTION OF INSTRUMENTS:

1. Instrument: Bank Guarantee ( BG/ SBLC) ( Appendix A)
2. Total Face Value: Eur 5M MIN and Eur 10B MAX ( Ten Billion USD) .
3. Issuing Bank: HSBC Bank London, Credit Suisse and Deutsche Bank
Frankfurt.
4. Age: One Year, One Month

5. Leasing Price: 6% of Face Value plus 2% commission fees to brokers.
6. Delivery: Bank to Bank swift.
7. Payment: MT-103 or MT760
8. Hard Copy: Bonded Courier within 7 banking days.

he Leased Instruments includes: BG’ s, Insurance Guarantees, MTN, ( SBLC)
Standby Letters of Credit and Third Party Guarantees such as a standby
forward commitment to purchase or a standby loan. If you are a potential
Investor or Principle looking to raise capital, we will be happy to answer
any questions that you have about this opportunity and to provide you with
all the details regarding this services.

Our BG/ SBLC Financing can help you get your project funded, loan financing,
please let me know if you are interested in any of our services, by
providing you with yearly renewable leased bank instruments. We work
directly with issuing bank lease providers, this Instrument can be
monetized on your behalf for 100% funding.
We are ready to close leasing with any interested client in few
banking days, if interested do not hesitate to contact me direct. [ via
Contact Details Below]

Regards MR DAVID BONN
EMAIL:davebonn01@yahoo.com
h Cut BG, SBLC, MTN&Loan

Mar. 23 2013 07:08 AM
Mr. James Allen from London

Are you in need of a Loan/Funding for a project? Have you been trying to obtain a Loan from any of the Banks or Loan Companies and got Ripped off and they have refused to grant you the Loan? we offer all types of non-recourse Loan and funding at a low Interest Rate of 2% both long term and short term.

The categories of Loan/financial funding offered include but not limited to: Business Loan, Personal Loan, Company Loan, Mortgage Loan, debt consolidation and financial funding for both turnkey and mega projects E.T.C. from a minimum of Euro/US$1Million to Euro/US$1Billion Max.

We also issue fresh cut BG/SBLC for lease and purchase.

Kindly get in touch for further details and procedure.

Regards

James Allen
Email: jamesallen308@yahoo.com

Mar. 01 2013 12:42 PM
Stanley David

We are direct providers of Fresh Cut BG, SBLC, MTN, Bonds, Bank draft and
CDs which we have specifically for lease. We do not have any broker chain
in this offer or get involved in Chauffer driven offers. We deliver with
time and precision as sethforth in the agreement. You are at liberty to
engage our leased facilities into trade programs as well as in signature
project(s) such as Aviation, Agriculture, Petroleum, Telecommunication,
construction ofDams, Bridges and any other turnkey project(s) etc. Our
terms and Conditions are reasonable.

DESCRIPTION OF INSTRUMENTS:
1. Instrument: Bank Guarantee (BG)/SBLC (Appendix A)
2. Total Face Value: Eur/Usd 10M MIN and Eur/Usd 5B MAX (Five Billion USD).
3. Issuing Bank: HSBC London or AA rated Bank in Western Europe or USA.
4. Age: One Year, One Day
5. Leasing Price: 6% of Face Value plus 2% commission fees to brokers to
be shared 50/50 between the brokers on both lessor/lessee side
6. Delivery SWIFT TO SWIFT.
7. Payment: Wire Transfer.
8. Hard Copy: Bonded Courier within 7 banking days.
All relevant business information will be provided upon request plus our
terms and procedures:

If you are interested please contact me immediately to conclude.
Regards,
Stanley David
Email: stnldvd8@yahoo.com

Jan. 23 2012 07:31 AM

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