In far too many instances the Port has failed to protect the financial interests of the public and it has resulted in millions of dollars of losses.
The biggest case in point is the $110 million bond default by the Port of Walla Walla in a deal between Ponderosa Fibres and its joint venture with what was then Boise Cascade.
Real people lost real money on that deal in which the Port management was directly involved. People's retirements that were invested in certain mutual funds or municipal bonds lost their savings as a result of a very risky deal that went bad, brokered by the Port of Walla Walla.
More recently the Port's insurance costs have increased from $78,000 to nearly $300,000 per year because Enduris, the government insurance pool provider kicked the Port out of the pool, saying that Port management "failed to comply or cooperate with risk management requests" and the Port "failed to conform to Enduris' underwriting guidelines." Not a good track record for the executive director or the commissioners who provided oversight.
I believe the management of the Port of Walla Walla needs far better oversight from someone with honesty and integrity we can trust. For these reasons and many others, I fully support Barlow Corkrum for the Walla Walla Port Commission.
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