Is Greed Involved In Fatal DC Metro Crash?

This could prove interesting, just out via Senator Grassley's news release site. I can already imagine it being involved in some mega suits due to the multiple fatalities in the recent DC Metro crash. Bottom-line, DC Metro, along with many rail lines, take advantage of a scheme through which they collect fees and private investors get tax shelters by buying rail cars and leasing them back to the rail line. Grassley tried to do away with the practice after a previous crash, but the bill was watered down in conference to remove retroactive application. This forces them to retain older cars that should be retired, or overhauled. It's been reported that the older series of car in question was involved in the recent fatal crash. These are the types of decision-makers that will be determining your health care if ObaCare is passed. Talk about crash and burn for survivors of such future crashes who need hospitalization. Your government, we'll kill you sooner, or later!

Grassley said the leasing transactions in question are known as SILOs, where transit agencies have sold public transportation assets such as railcars, only to lease them back from purchasers, with the result of providing tax depreciation deductions to the purchasers. Such transactions were motivated solely by collection of fees on one side and tax benefits on the other, rather than any change to the services provided by transit agencies. While he was Chairman of the Senate Committee on Finance in 2004, Grassley won passage of bipartisan legislation to shut down these kinds of tax shelters. His original reform was retroactive but was watered down during conference negotiations to apply only prospectively.

In 2006, the Washington Metropolitan Transit Authority rejected recommendations made by the National Transportation Safety Board to retire or do a heavy overhaul on the 1000 Series, Rohr railcars because "WMATA is constrained by tax advantage leases, which require that WMATA keep the 1000 Series cars in service at least until the end of 2014." The recommendations came after a 2004 crash involving the series at the Woodley Park metro station. The railcars are said to be among Metro's oldest cars and are reported to have been involved in Monday's fatal crash near the Fort Totten station.

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