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Leslie V Porter

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CALIFORNIA | LOCAL
September 30, 1999 | JEFFREY L. RABIN, TIMES STAFF WRITER
While treasurer of the Metropolitan Transportation Authority, Leslie V. Porter handled billions of dollars in public money. But he couldn't manage his personal finances. When Porter defaulted on a mortgage on the Beverly Hills condominium in which MTA had invested a quarter of a million dollars, he was fired. Now, almost three years later, a Los Angeles Superior Court jury has awarded Porter $837,040 for wrongful termination, including $200,000 for emotional distress.
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NEWS
June 21, 1998 | JEFFREY L. RABIN, TIMES STAFF WRITER
The low-cost mortgage loans and real estate deals it handed out to its favored senior officials have turned out to be among the most costly financial misadventures of a public agency that has often conducted itself like the "Bank of MTA." The county's transportation agency has suffered losses of more than $660,000 after a handful of its top officials defaulted on properties or sold them at less than they cost because of the steep slide in real estate values.
NEWS
June 21, 1998 | JEFFREY L. RABIN, TIMES STAFF WRITER
Leslie V. Porter, an obscure public employee, played the leading role in issuing more than $2 billion in long-term debt as treasurer of the Metropolitan Transportation Authority and deputy executive director of the former Los Angeles County Transportation Commission. He worked with investment bankers, bond underwriters, financial advisors and lawyers structuring the complex deals that is financing construction of the county's subway and rail system.
CALIFORNIA | LOCAL
June 22, 1998
One major question about the Metropolitan Transportation Authority has troubled everyone from riders rocking in the aisles of standing-room-only buses to distant bureaucrats and overseers in Washington and Sacramento. Why does the MTA have such a hard time providing adequate mass transportation for the people of Southern California? Now, a three-month investigation by Times reporter Jeffrey L. Rabin has provided considerable insight.
CALIFORNIA | LOCAL
October 5, 1993 | DAVID WILLMAN and MARK GLADSTONE, TIMES STAFF WRITERS
A little-noticed bill on Gov. Pete Wilson's desk threatens to slash the pay of California's highest-compensated local transit officials by thousands of dollars a year.
NEWS
June 26, 1998 | JEFFREY L. RABIN and RICHARD SIMON, TIMES STAFF WRITERS
Stunned by disclosures that the Metropolitan Transportation Authority has amassed $7 billion in debt to build a skeletal rail system and an elaborate headquarters, the agency's directors approved a new budget Thursday, but took steps to impose a limit on borrowing and on the MTA's habitual practice of using money obtained for one project to pay for another.
CALIFORNIA | LOCAL
June 14, 1995 | SCOT J. PALTROW, TIMES STAFF WRITER
The Los Angeles County Metropolitan Transportation Authority has begun an inquiry into transactions with its former financial adviser, Lazard Freres & Co., to determine if the firm substantially overcharged it for U.S. Treasury securities in 1992 and 1993. MTA officials said in interviews that Lazard persuaded the agency to forgo competitive bidding and instead buy the securities from Lazard. Ronny J.
NEWS
February 10, 1995 | DAVID WILLMAN, TIMES STAFF WRITER
At the same time that Federico Pena was preparing to take office as secretary of the U.S. Department of Transportation two years ago, an investment firm he founded sought the business of a public transit pension fund in Los Angeles. Pena and his partners had made an unsuccessful approach months earlier with the Southern California Rapid Transit District. But this time local officials decided to hire the firm to manage $5 million for the pension fund.
CALIFORNIA | LOCAL
March 23, 1993 | DAVID WILLMAN and CLAIRE SPIEGEL, TIMES STAFF WRITERS
The deal was supposed to yield a windfall for taxpayers. Hoping to make a $4-million profit, transit officials turned a purchase of 54 commuter rail cars into a venture stretching from Asia to the Cayman Islands. Before the trolleys began rolling, the Los Angeles County Transportation Commission sold the cars to a group of anonymous Japanese investors and immediately leased them back.
NEWS
June 21, 1998 | JEFFREY L. RABIN, TIMES STAFF WRITER
The Metropolitan Transportation Authority has built much more than a troubled subway. It has dug a $7-billion financial hole that has crippled the nation's second-largest bus system and left Los Angeles County taxpayers to foot the bill for the next 30 years. The MTA and the agencies that preceded it have financed construction of a rail system, including the shortest and most expensive subway in American history, by engaging in a nearly nonstop frenzy of borrowing that began in the mid-1980s.
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