I'm sure they're hoping Obama will bail them out./ s
Posted on 08/05/2010 6:37:28 PM PDT by george76
Struggling through its worst-ever budget crisis, Chicago has suffered the first in what could be a series of body blows: a downgrade in the all-important bond-rating that determines city borrowing costs.
Citing a record, $654.7 million budget shortfall and Mayor Daley’s “accelerated use of reserves to balance operations,” Fitch Ratings has reduced its rating on $6.8 billion in outstanding general obligation bonds from AA-plus to AA. The ratings outlook is negative.
the ticking time bomb created by $14.57 billion in city pension liabilities.
(Excerpt) Read more at suntimes.com ...
Is there such a thing as an FFFF- bond rating?
I'm sure they're hoping Obama will bail them out./ s
The Chicago Financial Management Team is now in the WH.
Which book do you think sits on Daley’s nightstand?:
1. Driving Down Cost - Andrew Wileman
or
2. The Prince - Machiavelli
The entire reason Obama was visiting the Boss today. Money. Now.
Of course, Michelle went to Spain to pull a pseudo-Clinton. Like they’re fighting over the other woman.
If you find Obama partying anywhere on his B-Day it’ll be in Boystown or with them.
Mayor Shortshanks does have an unlimited budget to fight court battles over his decision to deny 2nd Amendment Constitutional rights to the residents of Chicago though.
When you said “Obama”, I’m sure you meant those of us who still pay taxes.
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