Posts tagged "bonds"

Michael Madigan's $500 million boondoggle

Crain’s Chicago Business has the story: Illinois Speaker Michael Madigan Cost Taxpayers up to $500 Million in Higher McCormick Place Debt Payments Crain’s Chicago Business investigation reports how politics put Chicago’s $8 billion trade show industry at risk.  Chicago, Illinois – Illinois House Speaker Michael Madigan cost taxpayers nearly a half billion dollars by blocking repeated efforts that would... Read more »

Will County readies for federal default

Will County Treasurer Steve Weber provides the first (as far as I know) clear, nuts and bolts explanation of what will happen to county and local governments in Will County if the federal government defaults or it suffers a credit rating reduction. One of the eye-opening facts is what is called the sovereign ceiling rule. From... Read more »

Illinois bond buyers: Invest at your own risk

With a big bond borrowing coming, the three big credit rating services failed to go far enough in their warnings. A Bloomberg story says: The [recent 67 percent] tax hike helped the state dodge a ratings downgrade, with Standard & Poor’s affirming an A-plus rating with a negative outlook, Moody’s Investors Service keeping its A1... Read more »

Why is Illinois Using Credit Default Swaps?

You remember credit default swaps, right, the financial “instrument” that pricked the housing and economic bubbles? Illinois is “enjoying” the same kind of debt bubble that led the nation into its current financial mess. I call it a debt bubble because if all the borrowing that the state does to keep it afloat ever becomes... Read more »

Pay Illinois legislators in downgraded state bonds

Now here’s a great idea from Republican gubernatorial candidate Dan Proft. Noting that Illinois bonds have been downgraded thanks to irresponsible and incompetent state legislators, he suggests that instead of getting paid in dollars, they should be forced to take their salary in state bonds. As good as the idea is, however, I don’t think... Read more »
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