Riding the Gravy Train - ReFund Transit

94 Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2010. Metropolitan Transportation
Commission. Pages 66-67. http://www.mtc.ca.gov/library/CAFR/CAFR_2010.pdf.
95 Based on data from the National Transit Database.
96 U.S. Census, “Means of Transportation to Work by Selected Characteristics (2010 American Community Survey
1-Year Estimates),” for the San Francisco Metropolitan Statistical Area.
97 Based primarily on data from the National Transit Database (2006-2010) and the Statistical Summary of Bay Area
Transit Operators (for Benecia Breeze NTD Data unavailable after 2008). The magnitude of service cuts was
analyzed by calculating the extremity of cuts individually for each operator (between the highest number of
service hours in the past five years and the most recently reported number of revenue vehicle hours). Where
available, data past 2010 was included in the analysis. This additional data was self-reported through direct
contact with operators or published through budget reports. The cost to restore bus service levels to the highest
LOS in the past five years is an upper-end estimate since it is based on the fully allocated cost per revenue
vehicle hour a cost which varies by operator and is higher than the marginal cost per hour that operators tend to
use in estimating the cost of additional hours.
98 Based on data from the National Transit Database. The graph shows the percent decrease in bus service from
highest level of service (Revenue Vehicle Hours) since 2006. Most operators peaked in service in FY 2008/2009.
99 U.S. Census, “Means of Transportation to Work by Selected Characteristics (2010 American Community Survey
1-Year Estimates),” for Santa Clara County.
100 Based on data from the National Transit Database.
101 U.S. Census, “Means of Transportation to Work by Selected Characteristics (2010 American Community Survey
1-Year Estimates),” for Santa Clara County.
102 Ibid.
103 Based on analysis of prevailing interest rates as of 02 May 2012 and details on interest rate swap deals found in the
Santa Clara Valley Transportation Authority’s 2011 Comprehensive Annual Financial Report (http://www.vta.org/
inside/investor/financial/statements/2011_CAFR.pdf), page 2-51.
104 Based on analysis of historical interest rates and details on the interest rate swap deal found in the Santa Clara
Valley Transportation Authority’s 2011 Comprehensive Annual Financial Report (http://www.vta.org/inside/
investor/financial/statements/2011_CAFR.pdf), page 2-51.
105 Ibid.
106 U.S. Census, “Means of Transportation to Work by Selected Characteristics (2010 American Community Survey
1-Year Estimates),” for the Washington, DC Metropolitan Statistical Area.
107 “Public Transportation Ridership Report, Fourth Quarter 2011.” American Public Transportation Association. 24
Feb 2012. http://www.apta.com/resources/statistics/Documents/Ridership/2011-q4-ridership-APTA.pdf.
108 Scott Tyson, Ann and Lisa Rein. “Metro approves broad fare increase, peak-use surcharges.” Washington Post. 28
May 2010. http://www.washingtonpost.com/wp-dyn/content/article/2010/05/27/AR2010052704840.html.
http://www.washingtonpost.com/wp-dyn/content/article/2010/05/27/AR2010052704840.html.
109 Title VI Equity Evaluation. Washington Metropolitan Area Transit Authority. Jun 2010. Page 3. http://www.
wmata.com/about_metro/docs/Title_VI_Equity%20_Evaluation_of_FY2011_Budget.pdf.
110 U.S. Census, “Means of Transportation to Work by Selected Characteristics (2010 American Community Survey
1-Year Estimates),” for the Washington, DC Metropolitan Statistical Area.
111 Hedgpeth, Dana. “Metro riders may face smaller fare hike.” Washington Post. 07 Apr 2012. http://www.
washingtonpost.com/local/trafficandcommuting/metro-riders-may-face-smaller-fare-hike/2012/04/07/
gIQA2NEr2S_story.html.
112 Based on the District of Columbia’s own projections of its net payments on the swap deals in its 2011 Comprehensive
Annual Financial Report (http://cfo.dc.gov/cfo/frames.asp?doc=/cfo/lib/cfo/cafr/2011/cafr_2011.pdf), page 103.
113 Based on data in the SEC Form DEF14A filings for JPMorgan Chase, Morgan Stanley and Wells Fargo, as
compiled by CapitalIQ.
114 Scott Tyson, Ann and Lisa Rein. “Metro approves broad fare increase, peak-use surcharges.” Washington Post. 28
May 2010. http://www.washingtonpost.com/wp-dyn/content/article/2010/05/27/AR2010052704840.html.
115 “BBA LIBOR: The world’s most important number now tweets daily.” British Bankers Association. 21 May 2009.
http://www.bbalibor.com/news-releases/bba-libor-the-worlds-most-important-number-now-tweets-daily.
116 Slater, Steve. “Banks served Libor subpoenas.” The Globe and Mail. 17 Mar 2011. http://www.theglobeandmail.
com/globe-investor/banks-served-libor-subpoenas/article1945230/; and Murphy, Megan, Brooke Masters, and
Caroline Binham. “Probe reveals scale of Libor abuse.” Financial Times. 09 Feb 2012. http://www.ft.com/intl/
cms/s/0/5ae1f598-5264-11e1-a155-00144feabdc0.html.
RIDING THE GRAVY TRAIN - How Wall Street Is Bankrupting Our Public Transit Agencies | 25