Well, as it D.C.’s transit system didn’t have enough problems’ from the bus that arrived late to pick me up yesterday morning, to the delay on the red line in the afternoon, to the rather inconvenient construction project at Silver Spring.
Now it looks like NDC’s Metro system may be in financial trouble.
The Washington area’s transit agency is seeking a temporary injunction against a Belgian bank that is demanding a $43 million payment by Friday.
KBC Group is requesting the money following the collapse of insurance giant American International Group, which had guaranteed a financing deal the bank made with Metro in 2002.
But AIG’s financial problems have triggered a clause that allows the bank to demand the money all at once.
Now, I know DC doesn’t count as “Main Street” or the “real America,” but it looks like the credit crisis has arrived on Main Street, by bus. Besides Metro 30 other transit systems could be forced to pay up now.
I don’t want to think about what happens if Metro has to fork over $43 million by Friday, but my guess is that it’s probably something a lot worse than non-working escalators.