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Another MSD Deal Doesn’t Smell Quite Right

December 22nd, 2011 by jake · 5 Comments

Check out page three of this bond offering (Warning: External PDF Link).

Not only is Larry Zielke double dipping as bond counsel…

The lawyer for financial advisor Patricia Poprick is none other than State Senator Gerald Neal:

We told you about Poprick on Monday:

The treasurer of the state Republican Party has been drawn into the federal investigation of municipal corruption in Philadelphia.

City officials say the FBI has subpoenaed the city’s records relating to bond work done by a firm owned by Patricia Poprik, who has served as the treasurer since 1992.

Her Bucks County firm, First American Municipals Inc., co-managed four city bond issues between 2001 and 2003.

In at least three of the bond issues, First American was a manager and the cocounsel was Ronald A. White, a central focus of the FBI investigation.

Mr. Broadway Cinemas representing the MSD lady under investigation for municipal corruption. And he’s been her representation since at least 2009 (Warning: External PDF Link). Neal’s kinda like a placement agent. He’s paid by the financial advisor, not directly by MSD. That’s how both MSD and Crit Luallen are able to justify the absolute lack of disclosure.

Nothing to see here, right? Nothing to be concerned about. Absolutely nothing.


Tags: MSD · Oops · Scandal · State Government

5 responses so far ↓

  • 1 Skipper // Dec 22, 2011 at 1:13 pm

    I personally loved the audit report description of how Zielke and the second bond counsel determined the value of their services. Any guess on which bond counsel actually did all the work? Be hard to tell since both their invoices apparently match exactly word for word. And when she says they match, I get the impression she meant even the type faces and font.

  • 2 jake // Dec 22, 2011 at 1:20 pm

    I hear that’s part of the reason this was referred to law enforcement.

  • 3 Earl // Dec 22, 2011 at 9:38 pm

    and the investigators haven’t been able to see it yet, despite what was printed.

  • 4 The Highlander // Dec 22, 2011 at 10:12 pm

    So ole’ Gerald Neal’s on the tit, too!!! Wow — big surprise. I wonder if his wife got a “title sponsor fee” or a little “naming rights fee” when she allowed her name to be used as the official name of the MSD building!!!!!!!!!!

    To see it, though, you’ve got to be coming from the West End on Liberty (!) Street. I guess the Neals’ done have been l’iberated’ along w/being ‘greased.’

  • 5 totalfailure // Dec 22, 2011 at 10:14 pm

    Oh Neal has to be in deep. Didn’t he share office space with Zielke? Neal is a greedy son-of-a-gun. You know he had to know about the money train and jumped on board as soon he could.