Look Out, Johnny Fabs In The Pol Pod, Plus: Council Bonds And Shays Hits Himes

Okay, strap in, former Mayor John Fabrizi has a lot to say, and he doesn’t disappoint.

We sat down for a 21-minute Pol Pod on Tuesday in his Central High School office where he now serves as director of Adult Education. Fabs has been out of mayoral office since last November, but that hasn’t stopped him from thinking about the past and looking to the future, his every move poised for a potential shot at his old job. Some guys want to play centerfield for the Yankees; as for Fabs, he just wants to be mayor, although he seemed relaxed and in good spirits in his new role. And he’s dropped a whole lot of poundage, as he points out.

We covered a lot of ground including city employee morale, unions, Steelpointe, the police overtime mess, budget blow up and Mayor Bill Finch. Fabs fires back at Finch who hasn’t been bashful about blaming the former mayor for budget issues. He criticized Finch for “backdoor” political hires, poor communication with city unions and not paying attention to business.

Will Fabs run for mayor in 2011? No doubt, he says, if the opportunity is there, he’ll go for it. He has some things he wants to finish, saying he’s “Wiser, smarter, mature.”

Fabs also provides a piece of news we’ve not heard before about Steelpointe, based on a recent discussion he had with an official for the development firm overseeing the planned project that involves rethinking the development schedule. On the Steelpointe subject Fabs even had a kind word for his forever nemesis City Councilman Bob Walsh who’s been beating a drum for the developers to show goodwill about the $4.5 million that has been budgeted for Steelpointe revenues. “Sometimes in (Walsh’s) sane moments he brings up good points.”

So, grab a cup of joe and listen to Fabs speak. It’s a good one. {running time: 21:17}

Contract Hit

Political life in Connecticut’s largest city is never boring. Tuesday night the City Council committee that oversees contracts sent a missile toward Mayor Bill Finch and former council member and Democratic Town Chair John Stafstrom, whose law firm Pullman & Comley serves as city Bond Counsel that advises the city on key financial transactions and economic development projects. By a seven to zip vote the committee voted that next time the city selects Bond Counsel we must approve it.

The committee action now goes to the full City Council, and the votes look like they’re in place for passage. What does this mean? When the three-year contract recently awarded Pullman & Comley expires, it places selection of Bond Counsel smack in the public eye in the middle of the mayoral election cycle. City Attorney Mark Anastasi has a different point of view–state statute and city charter clearly grant the city’s top lawyer full authority to hire outside legal assistance.

This vote is another political message and salvo from the council directed at a mayor that wired the job for a major campaign contributor. No doubt, Stafstrom is a bright lawyer working for a well-qualified firm, but the council action highlights a mayor disengaged from the politics of the city’s legislative body. And why do I think the current Town Chair Mario Testa, who has more juice with the council than the mayor, had a hand in this? No, Mario wouldn’t do that, would he?

By the way, check out my prior post about the $3 million surplus discovered for the Board of Education (07/08) budget that ended July 1. 

Congressional Cat Fight

Congressman Christopher Shays has decided he’s had enough of being the whipping boy of Democratic opponent Jim Himes. He fires back at Himes’ latest charge. Let the games begin. See Shays’ campaign release below:

IN THE INTEREST OF TRUTH

Shays campaign responds to remarks from Jim Himes on Fannie Mae and Freddie Mac

Shays has been a leader on GSE reform

Norwalk, CT – September 9, 2008 – In a press conference outside of the Stamford Government Center yesterday, Congressman Christopher Shays’ challenger inaccurately claimed Shays “didn’t speak out in Washington while serving on the Financial Services Committee” when referring to the financial challenges facing Fannie Mac and Freddie Mac. His claims are demonstrably untrue and reveal an emerging and troubling pattern misrepresenting Shays’ record.

Shays was among the earliest and strongest advocates in Congress for stronger regulation of the government sponsored enterprises (GSEs) that buy, hold, guarantee, package and sell mortgages. He has repeatedly noted that improved oversight and transparency of these GSEs could have avoided the need for a takeover.

In 2003, Shays authored the bipartisan No Securities Left Behind Act, which would have required Fannie Mae and Freddie Mac to comply with the 1933 and 1934 securities laws. At the time, he stated, “I firmly believe Congress must end Fannie Mae and Freddie Mac’s voluntary registration and reporting status and require them to abide by the same requirements as every other publicly traded company.” The bill faced strong bipartisan opposition at the time.

Later, Shays offered amendments to the Federal Housing Finance Reform Act, which passed the House but was never considered in the Senate. At the time, he noted, “How serious is the issue of GSE oversight? What’s at stake if one or both companies fail? Mr. Chairman, in the absence of a world-class regulator to oversee these institutions, we are truly playing Russian roulette.”

This year, Shays again was a leading advocate of reform while Congress debated the American Housing Rescue and Foreclosure Prevention Act, which President Bush signed into law on July 30, 2008. Significant portions of the No Securities Left Behind Act are included in the legislation, which strengthens regulation of Fannie Mae, Freddie Mac and the Federal Home Loan Bank system. During debate on the House floor, Shays stated, “The current challenges facing Fannie Mae and Freddie Mac underscore the need for stronger oversight of the GSEs. I am grateful to be working on a bipartisan basis…to finally move forward with legislation to strengthen these agencies.”

“Jim Himes and his campaign need to start doing their homework before holding press conferences,” said Michael Sohn, Shays’ campaign manager. “These partisan, erroneous attacks only discredit Himes because the record clearly reflects Christopher has been among the leading advocates on this issue for years. The bottom line is he’s been working with Democrats and Republicans to try and avoid the type of government takeover we’re seeing today.”