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A proposal to fund construction/renovation of Wilkes-Barre high schools through private investment was front-page news during the past week. And from all indications, the school board, politicians and a fair number of interested parties are taking the proposal seriously.

Private investment does offer an undeniable advantage, quick money, but at what cost? Does anyone believe that the private investors made the offer out of the goodness of their hearts? No, not at all, and the money involved is significant.

The news reports indicate that the deal is predicated upon receipt of state funding to back their investment. In other words, investment without risk. Hmmm. I always believed that the interest you paid on borrowed money was compensation to the lending party for taking on risk. If there is no risk, does the public get a break on the lending rates?

The private investors want to lend money, but it doesn’t stop there. They also want control over facility design and construction. So, money goes from them to Wilkes-Barre and back to them to pay for the work they do, along with a tidy profit. Sounds like a really good deal – for them.

Along with all the rest, the spokesman for the private investors suggested that they will also seek a waiver to avoid paying fair labor rates during construction. Talk to me about that! Why should Wilkes-Barre be complicit in any proposal to compromise fair labor standards? Remember, politicians, who you represent.

Although it seems a stretch, consider what happened to Greece. After a period of relatively minor and manageable financial distress, they went for the quick money. The financial community victimized Greece with easy money and complicated financial instruments to the point where the country, today, is prostrate, a beggar nation. If the financial community is willing to set its sights on Greece, Wilkes-Barre is small change.

“He who sups with the devil should have a long spoon.”

Bob Nattress

Kingston Township