Money Games
- Chicago will refinance up to $2.5 billion in debt in a way that could dramatically reduce interest rates and borrowing costs, saving up to $75 million a year and ultimately helping the city shed its junk bond rating, Mayor Rahm Emanuel told investors Wednesday.
The Illinois General Assembly has authorized Chicago to set up what a top mayoral aide called a “special-purpose corporation” as a way to borrow money used to finance city projects.
The Emanuel administration intends to put its state-created sales tax receipts into that corporation, then borrow against it at a dramatically reduced interest rate — anywhere from 1.75 percent-to-3 percent lower than the rate Chicago taxpayers currently pay to borrow.
A 3-percentage-point reduction in borrowing costs would save the city $30 million a year on every $1 billion borrowed.
Maybe, just maybe, the city should stop borrowing a billion dollars at a time? This "savings" sounds like shuffling paper again while the bankers collect millions. Between Rahm's refinancing and CPS borrowing $500 million and paying back $1.35 billion.... it's amazing paychecks haven't started bouncing.
Labels: money questions
posted by SCC at 12:03 AM
48 Comments:
The classic of robbing Peter to pay Paul. This amounts to borrowing money on funds that are already earmarked for something else. It is short term solution that will probably blow up in the future.
"The budget deal that ended the marathon state budget stalemate authorized Chicago to set up what a top mayoral aide called a “special-purpose corporation” as a vehicle to borrow money to finance city projects."
Would financing pensions be considered a city project? I mean $600 million is a drop in the bucket for this magical refinancing scheme.
Rham you dumb fuck, you are not saving money... you are repaying a debt. Either way you are still fucked for cash.
He will spend the 30 million on bike lanes or illegal immigrants, or lose 30 million in other gov grants for being an asshole. No break even here
Didn't such thievery used to result in
somebody swinging from the gallows?
More potential assets and revenues are getting siphoned off, never to be seen again.
What is going to pay for all the pensions, day to day fire, police, and streets when all the assets and revenues are being used for other purposes? Give you a hint, NOTHING!
Mayor Rahm is a financial genius.
Why doesn't he set up a few shell corporations while he is at it too? None of this money will be paid back anyway. Can Bill and Hillary front him some money from the Clinton Foundation?
I assume the idea is that the corporation gets better interest rates because it's considered separate from the city and doesn't suffer from its bond rating.
How that's supposed to make sense is beyond me.
"Hey, can I borrow twenty bucks?"
"No, you still haven't paid me back for the last two times you borrowed money from me."
"Yeah, but I just got a new wallet. Those old loans went into the old wallet. It's a clean slate!"
Wait, so the city wants to set up a shell company to borrow money with because their credit rating is too bad to do it straightforward? How is this legal?
Lots of inside details that won't come out
until after the deal goes down. Like the fees
paid to the bankers to restructure the deal.
My wife must have attended the same school as da mayor. She saved a hundred dollars on a pair of shoes so she bought ten pairs. She saved us a thousand dollars. Funny thing though. I can't find the thousand.
Already a world class city....why do we need special projects....how about we just maintain the city we have and try and pay our debt off.....works for most households...fuck you rahm
hey look at me!!! i just saved taxpayers 30 million bucks. his financial fuckery amounts to 'finding' money them financing the shit out of it.
More money games teaching anti-police Rhetoric inner high schools Chicago high school particularly Kennedy high school located on the southwest side of Chicago so I'm looking at every block Chicago for my neighborhood and I noticed this teacher looking for money from people to donate so she can buy this crap to influence the skulls full of mush about the police high school students:
1 CLASSROOM FUNDRAISER
KENNEDY HIGH SCHOOL
Powerful Reading to Promote Tolerance and Empathy
Ms. Regidor is asking for $473.41: My students need a classroom set of The Hate U Give by Angie Thomas to help us critically explore the themes of violence, stereotypes and tolerance.
So wondering what this means I looked up the hate you give to see what they want to teach the children;
The novel follows protagonist Starr Carter, a 16-year-old black high school student who witnesses a white police officer shooting her unarmed best friend Khalil. Starr Carter moves between her two worlds: the poor black neighborhood where she lives and the fancy suburban prep school that she and her brothers attend. The balance of these two worlds collapse when she sees her childhood friend die at the hands of a cop. Khalil, Starr's best friend was unarmed. Everyone wants to know what took place that night and the only person who can answer that is Starr. But the problem is that what Starr says might endanger her life and her home.
So again as usual nothing like teaching the children how to be against the thin blue line hey teacher how about teaching your children how to obey the law how to respect the police how to be great citizens also how to make sure they are not breaking any laws with her that being being here illegally or breaking laws that are on the books maybe you could teach them about career choices we are paying your salary's which are excessive and you make enough money so you're asking for material like this to further set up the false narrative of the police being bad . Teacher maybe you should think about resigning if you're going to be an activist going to the airline to work why are we forced to pay the salary of someone that does what you're doing?
You're saying that this material is to promote tolerance and empathy no it is more like promoting the police stereotypes that are completely false and misleading and you must be watching that 24 seven dishonest media!
I posted above about the teacher at Kennedy high school asking for hundreds of dollars for the book to hate you give here are the reviews for for it it's propaganda for the black lives matter movement which we all know what they are about they never photos when someone is shot and the black community unless it's a police officer that has done his job or her job then the protest is on because there's money involved:
https://www.goodreads.com/book/show/32075671-the-hate-u-give
It is amazing all the people being shot in the black community especially in Chicago where we live and no protest no Jesse Jackson marching in the streets no father Pfleger marching in the streets no out rage no marching to City Hall by black lives matter or any other group strange how all that works all one sided the courage and the city is overwhelming so many people being shot on a daily basis and may not be deadly but it is always life-changing when you were shot the out rage should be directed at the elected officials who need to do their jobs the police need to be supported the police need the help of the community the court system needs to put these people in prison for a long time but it is not happening the court system and cook county it's a revolving door it's ridiculous that these criminals are not put away for a long time God bless the police!
Stop spending so much. See? Simple!
The city does not need any projects until the current obligations are met.
TD is a financial genius. He made 10 or 15 million in a year or two working on Wall Street. All this after majoring in Dance.
Ask any number of Retired Harvey Illinois Firefighters or Police Officers how it works when the City doesn't pay into the pension in the required amount,
Maybe instead of borrowing for stupid useless projects why doesn't the asshole mayor borrow to help the public schools? Oh wait, his kids never went through the public school system, that's supposed to be so great...yea right. Go Rauner, shove it up their asses!
Savings by borrowing? Why didn't I think of that.
Kinda like the three stooges skit. Drilling holes in a sinking boat to let the water out🤔
I pay my bills in full every month.
Maybe I will run for mayor. MAGA
What fool would lend money to an insolvent entity that cannot repay it?
WAIT .....Tax Money into a "special corporation ya gotta be fucking kidding me right ?
End TIFF funds. Pay off debt. Simple
OT
Daily reader of SCC from the state of Ct
Driving around today, I got behind a car with the license plate of "WEEZEE"
We got enough lousy drivers here & I hear that she has a spotty driving record
I'm sending her back, she's all yours💀😈
I'm taking a positive outlook. Great time to buy bonds at a high return on your money. I tried to get in on the last two CPS offers but couldn't because the instutional buyers and big time buyers got all the goodies. What do they know that we don't. Interest rates were 7.5 to 8% and because it's a municipal bond TAX FREE making the rate like 10% . I'll take those rates any time. No sense in being a doomsdayer, time to make some money
I know, Chicago is going bankrupt, going to be like Detroit. Look at the big picture. Currently 52 high rises are being constructed downtown
10 developments that will cost 1 billion or more are already under construction.
That with 4 sports teams and the Cubs expanding like crazy, Chicago is going nowhere
Anonymous Anonymous said...
More potential assets and revenues are getting siphoned off, never to be seen again.
What is going to pay for all the pensions, day to day fire, police, and streets when all the assets and revenues are being used for other purposes? Give you a hint, NOTHING!
8/10/2017 01:33:00 AM
Hello Kevin Graham how are you? rememeber us? we are the "forgotten men and women" of the Chicago police dept. You know the people who voted your ass in! Is the pension payment made by rahm yet? Is the pension going to last? "Call my office" you say but your always "on another call" and will get back to us when we leave our name and number correct? Kevin now what is the #1 contract issue? Why are you not out more fighting the dishonest 24/7 media? Did the leftover do nothing Greg put baby in the corner?
https://www.youtube.com/watch?v=uwlM-C0jAfQ
Anonymous Anonymous said...
Didn't such thievery used to result in
somebody swinging from the gallows?
8/10/2017 12:40:00 AM
In a just world it still does, and there are plenty of lamp posts and rope to be had.
This is borrowing money against assets that do NOT belong to you. If you or I tried this, we would be guilty of a whole host of crimes. Front company, money laundering, Theft of assets, and whole list of other criminal actions.
Hey coppers, can you hold your tickets for a month, borrow against them, and then use that money you sit on for a month for your own purposes (knowing you will write that many or more tickets next month to cover it)?
It is like Check Kiting !
There is not way this can be legal.
Which bank is losing the high interest payments and which one is going to collect the new payments?
Or did the same bank decide they've made enough so far and it would be in the best interest to their Board to nix a thorough Fed bank examination?
Little is known or disclosed on the upfront - pay first costs and fees attached to the refinance.
So don't ask an I-Team to look into it. (Could Chancé the Wrapper be carrying the note for Rahm?)
And just where those savings" are to go is a whole another matter.
Since crocodile teared RahmFraud isn't getting crime fighting funding due to his Sanctuary Policy...ya'think?
Refunds to the taw paying homeowner?
Nah.
He'll put that refinance "savings" into more Sanctuary programs and rebuild more of the never ending community destruction.
Could be for free backpacks and school supplies.
Anonymous said...
"Mayor Rahm is a financial genius."
8/10/2017 01:41:00 AM
"And he worked for Obama too so he HAS
to be really smart. Chicago can only benefit
having Rahm as mayor!"
Surveying the wreckage Rahm (and Obama) have wrought
makes you want to punch all the front teeth out of every
white-guilt Alinskyite Progressive talking skull you encounter.
"You blue collar conservatives just mad because we've made
everything more fair for everybody and you're now paying
more of your fair share to make up for the inequality
of being privileged."
What's frightening is they truly believe in this shit.
Buccaneers dealt with such traitorous sort by
chaining them to a cannon ball, sewing them up
in a sail and kicking the squirming, crying, shitting
bundle of joy overboard...
Just more kicking the can down the road.
I think you missed the line in the article that guaranteed the lender be paid back first if there is a filing of bankruptcy. And there IS a specified order of payment in the case of a bankruptcy. And some one look this up. But I believe Rahm passed legislation that our pension was at the bottom of the pay back list. meaning if there is no money left after the others above us are paid we don't get paid. Tell me he is not going to file Bankruptcy. Then just walk away and start over. If he was trying why a larger Budget every year (when we have no money) And where's our casino.
That dumb-ass ballerina, what an idiot! Fund our pensions fool!
Borrow money to pay off debt. Must be the new Democratic math at work here. Cut spending not an option, may loose some minority votes.
Anonymous Anonymous said...
Maybe instead of borrowing for stupid useless projects why doesn't the asshole mayor borrow to help the public schools? Oh wait, his kids never went through the public school system, that's supposed to be so great...yea right. Go Rauner, shove it up their asses!
Don't worry about COS. Every year the get the maximum tax levy allowed by law of our property taxes. There are less student and the expenses continue to rise
Anonymous said...
I think you missed the line in the article that guaranteed the lender be paid back first if there is a filing of bankruptcy. And there IS a specified order of payment in the case of a bankruptcy. And some one look this up. But I believe Rahm passed legislation that our pension was at the bottom of the pay back list. meaning if there is no money left after the others above us are paid we don't get paid. Tell me he is not going to file Bankruptcy. Then just walk away and start over. If he was trying why a larger Budget every year (when we have no money) And where's our casino.
8/10/2017 02:12:00 PM
____________
Good catch, there is more to it. What is the "Special Purpose Corporation"? If it is set up as a corp., then it has to be funded properly and lenders will have first priority to payment as opposed to owners. Are they going to sell stocks?
I'm sure that the city council is looking over the deal and how best to protect the taxpayer and pensioner. I am also sure that unicorns blow sparkle farts.
As night falls in am now one day closer to leaving this shit city!
Wait a minute. This sounds a lot like the Money Laundering for Idjits explanation from Lethal Weapon II.
They're going to take tax revenue, money "lawfully" extorted from citizens under threat of force, and stuff in into a fake corporation. Then, they're going to loan themselves the money from the corporation to the city?
How is that different from me sticking a .357 in a guy's face, taking his $500 million and then paying some other guy a couple hundred to move the money from my right pocket to my left a few million at a time?
Aside from the "legal" aspect.
1 CLASSROOM FUNDRAISER
KENNEDY HIGH SCHOOL
Powerful Reading to Promote Tolerance and Empathy
Ms. Regidor is asking for $473.41: My students need a classroom set of The Hate U Give by Angie Thomas to help us critically explore the themes of violence, stereotypes and tolerance.
So wondering what this means I looked up the hate you give to see what they want to teach the children;
So again as usual nothing like teaching the children how to be against the thin blue line hey teacher how about teaching your children how to obey the law how to respect the police how to be great citizens also how to make sure they are not breaking any laws with her that being being here illegally or breaking laws that are on the books maybe you could teach them about career choices we are paying your salary's which are excessive and you make enough money so you're asking for material like this to further set up the false narrative of the police being bad . Teacher maybe you should think about resigning if you're going to be an activist going to the airline to work why are we forced to pay the salary of someone that does what you're doing?
8/10/2017 07:06:00 AM
Same request at Schurz: Anonymous Anonymous said...
More money games teaching anti-police Rhetoric inner high schools Chicago high school particularly Kennedy high school located on the southwest side of Chicago so I'm looking at every block Chicago for my neighborhood and I noticed this teacher looking for money from people to donate so she can buy this crap to influence the skulls full of mush about the police high school students:
1 CLASSROOM FUNDRAISER
KENNEDY HIGH SCHOOL
Powerful Reading to Promote Tolerance and Empathy
Ms. Regidor is asking for $473.41: My students need a classroom set of The Hate U Give by Angie Thomas to help us critically explore the themes of violence, stereotypes and tolerance.
So wondering what this means I looked up the hate you give to see what they want to teach the children;
The novel follows protagonist Starr Carter, a 16-year-old black high school student who witnesses a white police officer shooting her unarmed best friend Khalil. Starr Carter moves between her two worlds: the poor black neighborhood where she lives and the fancy suburban prep school that she and her brothers attend. The balance of these two worlds collapse when she sees her childhood friend die at the hands of a cop. Khalil, Starr's best friend was unarmed. Everyone wants to know what took place that night and the only person who can answer that is Starr. But the problem is that what Starr says might endanger her life and her home.
So again as usual nothing like teaching the children how to be against the thin blue line hey teacher how about teaching your children how to obey the law how to respect the police how to be great citizens also how to make sure they are not breaking any laws with her that being being here illegally or breaking laws that are on the books maybe you could teach them about career choices we are paying your salary's which are excessive and you make enough money so you're asking for material like this to further set up the false narrative of the police being bad . Teacher maybe you should think about resigning if you're going to be an activist going to the airline to work why are we forced to pay the salary of someone that does what you're doing?
You're saying that this material is to promote tolerance and empathy no it is more like promoting the police stereotypes that are completely false and misleading and you must be watching that 24 seven dishonest media!
Same request at Schurz
8/10/2017 07:06:00 AM
eacherMrs. Rzodkiewicz
SchoolSchurz High School
ExcerptMy students need a class set of The Hate U Give, by Angie Thomas. With this supplemental reading, students will be able to lead inquiry projects focused on tolerance and current events in major cities.
Project cost$421.84
Expiration dateDecember 2, 2017
Why borrow anything? Why don't the citizens rise up and put an end to the bullshit TIFs that allow our diminutive leader to skim billions off the top of our tax dollars for his own pet projects? That money would easily take care of the schools, pensions, etc.
Anonymous Anonymous said...
Wait, so the city wants to set up a shell company to borrow money with because their credit rating is too bad to do it straightforward? How is this legal?
8/10/2017 05:10:00 AM
Anonymous Anonymous said...
Lots of inside details that won't come out
until after the deal goes down. Like the fees
paid to the bankers to restructure the deal.
8/10/2017 06:01:00 AM
What does the Illinois attorney General say about this? Has her father, the governor, told her how to react to this bullshit?
FOP Genius---AMEN!!!
http://www.chicagobusiness.com/article/20170811/BLOGS02/170819954/cps-drops-bombshell-needs-269m-from-city?utm_campaign=SocialFlow&utm_source=Twitter&utm_medium=Social&X-IgnoreUserAgent=1
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