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To: Libloather
In case anyone has forgotten, Chicago did a deal back in 2008 wherein it sold the rights to the stream of revenue from parking meters within the city — for a period of 75 years — to Morgan Stanley; in return, Morgan Stanley paid Chicago $1.16 Billion.

The city of Chicago proceeded to spend that money in (if memory serves) about six months.

In the years since, Chicago has attempted to do various "tweaks" to the (already completed) deal; as you might guess, these "tweaks" are not helpful to the people who loaned Chicago the $1.16B back in 2008. In order to increase the incentives to "settle," the city had done things like close large stretches of street parking zones for "maintenance," thereby halting the flow of revenue from the meters in those zones.

41 posted on 08/04/2018 11:30:08 AM PDT by Steely Tom ([Seth Rich] == [the Democrat's John Dean])
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To: Steely Tom

Yeo I remember the parking meter deal. It’s hard to believe they spent an advance on 75 years of revenue in just a few months.

I think Chicago and other cities will eventually seek a federal bailout. This pension idea , if implemented, is only a stopgap, just as the parking meter this g was just a stopgap. They still.need to make fundamental financial decisions. And those decisions will be painful.

I’m.happy the good Democrats such as Emmanuel have this headache. They can’t blame Republicans or Trump for this one.


42 posted on 08/04/2018 11:38:45 AM PDT by Dilbert San Diego
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To: Steely Tom

In substance this bond deal would be nothing more than shifting the increasing risk of insolvency from public employees to bond holders.


43 posted on 08/04/2018 11:42:31 AM PDT by p. henry
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