Posted on 01/11/2017 4:38:02 PM PST by Olog-hai
As City Hall prepares to borrow $1.2 billion, Mayor Rahm Emanuel has asked a Wall Street debt ratings agency that’s been highly critical of Chicago’s finances to withdraw its evaluation of city creditworthiness, the administration disclosed Tuesday.
The mayor contends that the junk status placed on the city’s debt by Moody’s Investors Service drives up borrowing costs covered by taxpayers and does not reflect the steps he has taken to fix the city’s finances.
“It has become increasingly clear that Moody’s rating methodology and agenda are far from objective and independent,” Emanuel wrote to Raymond McDaniel Jr., president and CEO of Moody’s. The mayor asked Moody’s to “withdraw all of its ratings on city of Chicago debt.”
Asked if the company would do what Emanuel wants, Moody’s spokesman David Jacobson did not directly answer, saying only that the company has a process for considering such requests. …
(Excerpt) Read more at chicagotribune.com ...
broke
I have 21 billion in unfunded pension liabilities with no way out ...please give me more money
Who does he think he is - Washington Mutual? :)
Twinkle-toes needs to raise taxes....
Chicago’s Junk-O-meter
63 shot in the junk of the 4,348 shot in Chicago during 2016.
Shitcago will never be able to fund their spiked, inflated pensions. Another model Democrat city.
<><>(1) using long-term financing to cover day-to-day expenses,
<><>(2) using bond proceeds to pay pension obligations, and,
<><> (3) misappropriating returns from the interest rate swap portfolio (a sub rosa ATM for paying the citys day to day expenses).
The stench from Chicago's poplitical sleaze is permeating the putrid city hall air... starting w/ Obama's ex-COS Chi/Mayor Rahm Emanuel. ....and remember, these kingpins of Chicago criminal politics moved into DC with Chicago kingpin Barack Obama.
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ANALYSIS Bonding is eternal taxation----the insider deals bonding companies made w/ shady pols to get bonding business would tell a tale of greedy pols accumulating riches through massive govt corruption.If these bonding deals were effectuated by way of referendum at the ballot box----and misled investors into buying tax-fee muni bonds----the SEC would be interested.
EMAIL enforcement@sec.gov
Massive govt corruption might include forgery, falsification of official records, fraudulent state budget entries, tax evasion, illegal wire-transfers, misuse of public office.
Tax-exempt municipal bond investors (including public education bond investors)-- have legal grounds to sue if they were deceived about deceptive bond offerings. In many cases, bond issues are approved by voters---at the ballot box--so that voters may have also been misled WRT uses of fraudulent bond offerings.
Also culpable are:
<><> bonding companies underwriting possible fraudulent bond issues;
<><> banks holding possibly fraudulent bond proceeds;
<><> State/city's modus operandi in allocating tax-exempt bond proceeds,
<><> the sub rosa acceptance of bond proceeds.
<><> state/city vendors accepting possible fraudulent bond proceeds.
<><> publicly-funded state/city agencies advocating the uses of fraudulent bond proceeds.
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The SEC, FBI, banking overight agencies, and the IRS, would be interested in the activities of state/city entities WRT bonding.
EMAIL---FBI TIPS PAGE https://tips.fbi.gov
EMAIL--enforcement@SEC.gov
Contact the IRS Fraud Unit
EMAIL Banking oversight agencies
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Taxpayers should find out which Chicago banks are facilitating this.
<><> Which banks are designated the official repositories of municipal tax dollars.
<><> Which banks are dispensing the ill-gotten proceeds....and to whom.
Rate of Municipal bonds of Chicago : no rating
Chicago is known for its L-train. But it's the gravy train that White House senior adviser Valerie Jarrett prefers to ride.
In addition to the $173,922 Jarrett earns per annum as President Obama's senior adviser, she is also paid an annual pension of $35,660 for the eight years she served as chairman of the Chicago Transit Authority, according to a Chicago Sun Times investigation.
Jarrett was appointed to chairman of the agency - a part-time position - in 1995 by then-mayor Richard Daley, whose brother, William Daley, served as Obama's chief of staff. Jarrett served as the former mayor's deputy chief of staff and was appointed to numerous other positions during his term. (Excerpt) Read more at dailycaller.com ...
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Wonder how many transportation bonds were issued while Jarrett was at Chicago Transit? Her pension payout would pale against her hidden income from lucrative Chicago bond deals. Read above.
saying only that the company has a process for considering such requests. …
Like Hemingway said “How does one go broke? Slowly at first then all at once.”
Riiigggghhht.
L
Yep - When this goes boom .... as it will for many cities.
If I were a debt buyer I’d take this as a huge warning sign.
Fruit flies like vinegar.....
They don’t like a banana?
Fruit flies like a banana."
G. Marx
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