Monday, June 18, 2007

TxDOT say they wrote critique of NTTA bid for SH121, KPMG-GS just reviewing it

TollROADSnews - May 11, 2007
James Bass, chief financial officer of Texas Department of Transportation (TxDOT) says we erred in attributing a two-page critique of the North Texas Tollway Authority (NTTA) to KPMG/Goldman Sachs. He says it was written by TxDOT Dallas staff. TxDOT asked both KPMG and Goldman Sachs to review it and comment.

But he says this became moot once NTTA released their executive summary of their proposal.

Here is the email, we received:

For the avoidance of any doubt, neither KPMG nor Goldman Sachs authored the two page paper that is referenced by your article posted at The paper in question was authored by TxDOT Dallas District staff.

Last Friday TxDOT requested that both KPMG and Goldman Sachs review the paper and provide their commentary, but as the NTTA released the Executive Summary for their proposal on SH 121 on Monday the review of the paper in question became moot and is no longer required.

James M. Bass
Chief Financial Officer
Texas Department of Transportation (end email text)

We had it on what seemed very good authority it was written by KPMG and GS.

The paper does not have any identifying letterhead or signature
See Brett Shipp report, (WFAA NEWS, Monday, May 14, 2007) -- TxDOT Dallas District official (and RTC member) Robert Brown wrote the memo published as an analysis falsely attributed as being prepared by investment banker Goldman Sachs. The question was raised about excluding TxDOT from voting due to their being "tainted" with authoring a controversial memo which was published falsely attributed as an analysis by investment firm Goldman Sach. GS denied the memo and investigative reporter Brett Shipps discovered that the memo origniated in the Dallas District of TxDOT. NTTA presented numerous reports from bonding companies refuting the assertions in the memo that NTTA would be bankrupted if they won the SH121 bid.

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