finance crisis

Massachusetts Turnpike Authority is reducing their toll collector staff from around 375 to 275, according to spokesman Mac Daniel. Under the terms of the labor contract with the toll collectors' union the Turnpike offered advantageous payoffs to one-fifth or twenty of the collectors. They signed a voluntary severance agreement and got letters this week sealing the deals for them to walk.

The Massachusetts Turnpike Authority (MTA) runs out of legal authority to pay staff, vendors or anyone else midnight Oct 31. The Turnpike has been running on monthly budgetary approvals since it failed to produce an annual budget in the summer.

North Texas Tollway Authority (NTTA) chairman Paul Wageman is quoted: "There is very little or no credit out there right now and the access to the credit markets are almost non-existent." So they are being innovatory.