8%?
- Mayor Rahm Emanuel's decision to borrow for costs such as debt payments, bank fees and penalty payments on old deals gone bad — the kind of bills cities typically pay with operating funds — will cost Chicago more than $500 million in interest over the next three decades.
Data released Thursday show the city is paying rates that approach 8 percent on the $743 million in taxable debt sold Wednesday. Chicago's borrowing costs have risen dramatically relative to other borrowers as its credit rating has deteriorated.
The high interest costs — calculated by the Tribune using the value of today's dollars — are "punitive," said Richard Ciccarone, president and CEO of Merritt Research Services.
In 30 years, Rahm will be long gone - either in Washington or pretending to suffer from Fed-heimer disease like Shortshanks or dead. And hopefully, ranks of incontinent pensioners will be lined up somewhere waiting their turn.
Labels: money questions
posted by SCC at 12:11 AM
30 Comments:
8%? Is that where the time due cutoff is?
Lower the city credit rating so mayor's banking buddies set up loans for 8 percent. Only way to make money with these low rates is to give loans to bad credit cities.
yeah! Rahm even put his lunch on credit, that's what, 22.9% interest. Morrie's over on 35th has a kosher beef at the ready for Rahm-bo.
The Mayor is a financial genius, and very slick.
"Juice" Janetti from the 'Ville will give him a better rate than that. The next time I see him at Beatrice' s, I'll give him Rahm' s number.
Sounds like we have heard this before with another Mayor. Push out the problems to others because I will be long gone and it gives me room to do what I want now.
I hear he was Rejected at the Title Loan Store. Funny thing, he allocates money for parks, stadiums and bridge paths.
Spend and borrow ... The Chicago Way.
Do not believe a word anyone says regarding the imaginary "someday casino" money going to the pension fund. It will never happen when the city owes back $$$ like this. Daley screwed the city real good! PS...Where's the parking meter $$$?
"$500 million in interest over the next three decades." is a lie.
They can't pay the bills and they don't intend to pay the bills cause they just keep spending on worthless shit to boost egos.
Just keep spending boys, create some more clouted six figure positions for your friends. The taxpayers are not screaming yet. They'll take it and keep taking it until we are like Detroit or Greece.
After all that pension money is just sitting there. LOOK AT THAT PILE OF CASH. Man they have to get their hands on it.. It's too big to let just sit there.
Chicagoans elected a Communist. They got what they wanted, get used to it.
Hearing sick stories like this really makes you wonder what will happen to our pension. Daley was in charge for nearly 25 years. That a hell of a long time. He's the only one to blame. The media should do a story on the truth about Daley and what he did to Chicago. Terrible!
The citizens of this good city have elected thieves to run their finances. This is the result.
Get with it voters! Elect good people, not the criminals you have been settling for. How about a business man or woman who has an idea? I am certain that the voters wouldn't like what an honest person would say: This city has been gutted of it's tax dollars. It has been mismanaged in it's planning. Austerity measures have to be put into place.
Let's start with the give away programs.
I think there's definitely something to it when CTU claims Rahm is broke on purpose. He sure never seems broke when he's spending on something he wants.
If you fuckin' coppers would just give back some of your overly
generous pay, benefits and pension, Rahm wouldn't have had
to borrow for such butt-screwalicious interest rates.
You guys need to realize that he does have a plan for this city
and it's vital that you forego the sweeteners you've gotten over
last 25 years while everybody either lost their pensions or had their
pay flat-lined.
You coppers are greedy and need to be put in your place.
(Sarcasm. Silliness.
More than a little revisionist history.
...And bullshit too.)
8%? That's what the pension claims it is getting
wonder who gets the kick-back from the high interest? Even car dealers offer less than 4% on new car loans! what is rahm using this money for? Another park? Building more not needed schools? What tell us! Sorry bet he is using the money to fund the money due to police pensions because that is what is owed and promised and rahm is such an honest man /sarcasm off!
How about selling all the illegal drugs to prisons for use on "death" row inmates? Seems death by heroin overdose does work quite well...
http://chicago.suntimes.com/news-chicago/7/71/780019/12-people-24-arrests-guns-six-months-mccarthy-says-theres-fear-getting-busted
Interesting reading, at least some real names are finally posted. The asshole judges need to be removed. How the fuck does a illegal gun possession charge get a misdemeanor? That does not compute at all.
Eight percent is killer interest. It will lead to either bankruptcy or unliveability in ten years. When they raised sales tax to 10 .25 percent, they said it was equal to another "major" city, Montgomery, alabama. Since when is Montgomery a major city? We have to be compared to a city that is managed like Montgomery, which elected george wallace? We aspire to be Montgomery?
What happens next year and the years after when the budget is 500 million short,
Sub-prime borrowers get sub-prime rates.
DICK Daley and Mikey Mad-man have spent decades financially raping our governments, and now the chickens have come home to roost.
It's all pretty simple actually. Unless you're a liberal.
Call the next case. Not a cop.
How Democrats Pillaged Chicago Toward Bankruptcy
Chicago is the quintessential Democrat City, and its history and fall are a warning to voters of what happens when Democrats achieve long term complete control of a major city and its finances.
Chicago’s 2015 debt service and annual pension costs amount to 45% of its 2013 revenues.
(45%...are you fucking kidding me?)
http://www.americanthinker.com/articles/2015/07/how_democrats_pillaged_chicago_toward_bankruptcy.html
People ought to know that this new City Treasurer that Rahm hand picked prior to the election is engaging in very risky derivative trading with OUR PENSION MONEY. He is doing the casino equivalent of trying to win his losses back in a hurry by doubling down. The instrument he has pension funds using to make up for underfunding are NOT pension fund material, not investment grade. But what the hell, it isn't his money.
But he is a college educated black guy from the souf' side so any white person who might try for that job (they didn't) would be accused of "white privilege." That is the new catch phrase, like "old white male white privilege guy." So no matter how competent or intelligent or how hard that guy worked, he is labeled OLD and MALE and WHITE PRIVILEGE and those words will sink any competent non-african non Rahm approved non democrat machine candidate. Too bad they cannot just clone Forrest Claypools to run the whole goddamn city. Claypool is the new messiah for everything.
Claypool is now on pension #5 or 6. IL state, Cook County, City of Chicago, CTA, CPS. I thought there was another one in there too. Brain delete. These people make no pretense any more. Musical chairs around the pension tree. Their pensions are golden, ours need "reform." Where is ISIS when you need them.
Anonymous said...
I think there's definitely something to it when CTU claims Rahm is broke on purpose. He sure never seems broke when he's spending on something he wants.
7/18/2015 10:26:00 AM
Mike Madigan's district might be a good place to move I hear. New school coming there. It's a miracle! Mike Madigan for sainthood!
Rahm had a plan and most of you voted for him. Expert financial wizard? Skilled politician, ex president chief of staff, all those qualifications and this is the plan? WTF. This has nothing to do with failed social policies or women getting LINK. This is a guy who can raise money in the millions to run a campaign but has failed so far in this line of work. FAILED and our children will pay the price.
"Youz lookin' for me?"
Sounds like Melrose Park interest.
The City could have sold the parking meters to J.G. Wentworth and gotten a better return. They are on late night TV offering to buy your structured settlement or perhaps parking meters.
"I have a bunch of parking meters and I need cash NOW! Call J.G Wentworth, 877-CASH-NOW"
J.G. WENTWORTH Opera
I hope all you city pensioners are paying attention to the situation in Greece because that is going to be your reality.
It's not like its RAHM's money,
or he had to do anything to earn it,
or has to do anything to pay it back,
or has any intention of paying it back.
To Rahm it is not even money,
it is not what people earned by labor and giving up their time,
skills and energy it is only figures on paper
Imagine what he thinks of our pensions
It is only when we rise up and threaten his money manipulating
plans is he worried.
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