Saturday, March 21, 2015

Rahm Hit by Leftists

Looks like Salon.com wants to hamstring Rahm's national ambitions a bit:
  • The city of Chicago and its public school system could recoup potentially billions of dollars in overpayments from complicated, unjust deals inked with Wall Street banks, if they pursued legal action or demanded enforcement from federal regulators. But Rahm Emanuel, the current mayor, has refused to chase this opportunity, despite the city’s drastic fiscal outlook and the effect on citizens. By contrast, his opponent in the April 7 mayoral run-off election, Jesus “Chuy” Garcia, appears far more likely to take action against a powerful financial sector Emanuel has relied on for campaign contributions.

    Beginning over a decade ago, Wall Street banks sold municipalities, school districts, water systems and public hospitals across the country on obscure financial instruments, pitching them as a way to borrow more cheaply than plain-vanilla municipal bonds. But just as homeowners were swindled into loans they couldn’t afford during the housing bubble, local governments suffered a similar fate.
  • Chicago’s deep financial problems worsened Friday as a Wall Street bond-rating agency dramatically downgraded the credit of the city’s school system — triggering penalties that could come to more than $200 million.

    Fitch Ratings dropped the Chicago Board of Education’s credit score by three notches. The plunge came two weeks after another agency, Moody’s Investors Service, also reduced its rating on the school district’s debt.

    Chicago Public Schools is required to maintain a certain credit rating under the terms of complex debt “swap” deals with financial institutions. Failure to do so could activate termination clauses in the deals and CPS could have to make payments to the financial institutions.

    Friday’s report from Fitch means CPS has dropped below the threshold for terminating the deals. According to Fitch, CPS could be forced to pay $263 million in penalties as a result.
Rahm has some new commercial out that says "we can't afford Chuy."

Um, it doesn't look like we can afford Rahm either.

Labels:

36 Comments:

Anonymous Anonymous said...

No matter who wins this town is headed for a financial nightmare. We have Daley and Raccoon Eyes to thank for this mess. Keep your fingers and toes crossed boys and girls.

3/21/2015 12:52:00 AM  
Anonymous Anonymous said...

3 Notches?

Not many left before your bonds are all junk status.

3/21/2015 01:19:00 AM  
Anonymous Anonymous said...

$263 million?

There goes your Police Pension payment money.

3/21/2015 01:20:00 AM  
Anonymous Anonymous said...

Does ANYONE think Rahm will risk angering his banker buddies?

He'd rather screw over the taxpayers. The taxpayers cannot give him a cushy job and exorbitant perqs, but his banker buddies can.

3/21/2015 01:25:00 AM  
Anonymous Anonymous said...

Not Rahm's fault. Blame his predecessor.

3/21/2015 01:34:00 AM  
Anonymous Anonymous said...

Reports and deals, all seems like a big Ponzi scheme the 1% that runs the country are into. Bankers , financiers , politicians. Just complicated enough so the average person doesn't want to understand. We are the ones that just keep paying and getting screwed.

3/21/2015 01:47:00 AM  
Anonymous Anonymous said...

SCC, New Report on International Tourism is out and Chicago is lagging behind. One of the to reasons for tourists taking a pass on Chicago is media reports on high crime here. http://www.chicagotribune.com/news/globalcity/ct-international-tourism-chicago-0322-biz-20150320-story.html#page=1

3/21/2015 01:47:00 AM  
Anonymous Anonymous said...

The North Shore Shit-Ass ain't nuthin' if he ain't amusing...

In a horribly twisted and dysfunctional way.

Rahm is the "cleaner."
He's here to cover up the massive financial
crimes committed by Daley Inc. and the same bunch
of wealthy banksters (banker + gangster) who got
their beaks wet the entire time Shortshanks was in
office.

M/Fers too beautiful, shiny and wealthy to be made to answer for their monstrous financial crimes...

"We can steal it all if we have the press blame it on the pay, benefits and pensions of cops, firemen and teachers. That ought to piss the public off enough so we can just waltz in and take everything we want."

Worked like a fucking charm it did...

3/21/2015 02:47:00 AM  
Anonymous Anonymous said...

Holy cluster fuck Batman ,Lord Ramsey of Philadelphia had chairs thrown during his meeting last night . Google ny times .

3/21/2015 03:49:00 AM  
Anonymous Anonymous said...

"Clawback" lawsuits against the financial institutions have reaped billions elsewhere.

Why did Mayor 1% avoid the "tough decision" and fail to "do the right thing" and sue the elites?

Is it easier to declare war on working class cops, teachers and firemen that don't write big campaign checks?

3/21/2015 05:02:00 AM  
Anonymous Anonymous said...

Run with this Chuy.

The Daleys and Rahm have cashed this city out to their banker buddies.

This is a winning issue that people of all colors can understand.

3/21/2015 06:14:00 AM  
Anonymous Anonymous said...

Rahm great " fiscal manager" we dropped credit rating 5X and yet again another 3 point drop, and wonder how much the Wall Street billionaires paid off rahm? Didn't ken griffin the Wall Street billionaire from Chicago give rahm a boatload of cash? And we know Magic Johnson got a fixed 80 million dollar contract and he gave rahm $250,000 back for his campaign! Just wow, the rich kid rahm is taking taking taking! What moron will vote for this guy rahm?

3/21/2015 06:44:00 AM  
Anonymous Anonymous said...

All the negatives against the current politician, Rham, should be directed at Daley and any alderman in power during the time our pensions should have been funded,

3/21/2015 06:46:00 AM  
Blogger The Keesing Bandit said...

Rahm loves his banking buddies....He also loves his bathhouse buddies.

Now, kees me you fool!!!!

3/21/2015 07:01:00 AM  
Anonymous Anonymous said...

Fantastic article.... "those evil Wall St. bankers tricked these poor, naive education professionals into signing these confusing documents!"

Geniuses, if the people in charge of managing finances for CPS are too dumb to know what they're signing, get better people. Or better yet, quit borrowing so much and live within your means, like the real world does.

3/21/2015 07:42:00 AM  
Anonymous Anonymous said...

Maybe they should ask Lovey & Lovey for a loan? They seem to be doing good getting money for their clients. The city will kite pay checks but they always pay the lawyers.

3/21/2015 08:16:00 AM  
Anonymous Anonymous said...

Daley made the deals and Rahm has no way out. If Chewy gets elected he will be stuck with it too. And yet the teachers union keeps insisting on pay raises and additional schools.

There are a lot of things that Rahm has done that I don't like, but closing 50 schools wasn't one of them. That was one of the best decisions he made. Charter schools? Not so much.

CTU you are a bunch of incompetent greedy asswipes and you are a huge part of this city's problem.

3/21/2015 08:42:00 AM  
Anonymous Anonymous said...

Meeks sealed the deal when he endorsed Rahm,,,,he controls about 20,000 votes and influences another 30,000 or so through his mega church.

3/21/2015 09:07:00 AM  
Anonymous Anonymous said...

These are not signs of good urban health. The great political machine that is Chicago is wearing out and running down. One of these days it will groan and creak to a stop

3/21/2015 09:12:00 AM  
Anonymous Anonymous said...

Lots of people getting rich off of you hard working, law abiding, tax paying, generous citizens of Shitcago. HAH!

3/21/2015 09:33:00 AM  
Anonymous Anonymous said...

This election is the closest thing to a fair fight that Rahm Emanuel has ever been in as a candidate. The fix was in when he ran for US Congress with the Water Department crooks covering the precincts for him in his initial run after he was anointed by Blagojevich and Daley. In 2011, black consensus candidate was Carol Moseley Braun who did nothing.

It is a one on one race people. Get out and vote! Remember Superintendent McCarthy is Rahm's guy.

3/21/2015 09:46:00 AM  
Anonymous Anonymous said...

Deals were made 10 years ago. Thats Rahm's fault. Most of those deals the new mayor gets stuck with them. Bankers dont make deals unless they are guaranteed not to lose the deal after the administration changes. Parking meter and Shyway deals come to mind?

3/21/2015 12:27:00 PM  
Anonymous Anonymous said...

>>>
Anonymous Anonymous said...
Daley made the deals and Rahm has no way out. If Chewy gets elected he will be stuck with it too. And yet the teachers union keeps insisting on pay raises and additional schools. ...>>>

Oh yes there is..., start a criminal investigation,

grant some people immunity..

...did you take a gratuity (bribe) to influence that deal...

...then the a honest (as if we would ever get that) administration could break the crooked deal. It might even help the city's credit rating and can you imagine FORMER STATES ATTORNEY RICHARD M. DALEY trying to defend those companies.

3/21/2015 12:46:00 PM  
Anonymous Anonymous said...

>>Anonymous said...
Rahm great " fiscal manager" we dropped credit rating 5X and yet again another 3 point drop, and wonder how much the Wall Street billionaires paid off rahm? Didn't ken griffin the Wall Street billionaire from Chicago give rahm a boatload of cash? And we know Magic Johnson got a fixed 80 million dollar contract and he gave rahm $250,000 back for his campaign! Just wow, the rich kid rahm is taking taking taking! What moron will vote for this guy rahm?

3/21/2015 06:44:00 AM<<<

There are a lot of morons out there..

The moron who lives in a Gold Coast condo with a BMW and a Range Rover who has a city contract to build flower boxes.

The crackhead who is told by his dealer to go into a polling place and say his is so-n-so to vote and gets a rock for it.

The moron who believes in BHO.

The moron who never earned a dollar and always had a LINK card.

The hard core middle class Democrat who would vote for Joseph Stalin if he was the Democratic candidate.

There's a lot of moron's out there.

3/21/2015 12:57:00 PM  
Anonymous Anonymous said...

Remember...
The first fucking thing Rahm did when he jumped off the jet from D.C. After being tossed out on his ass for openly shit-talking both FLOTUS and presidential BFF Valerie Jarrett, was to run his butt-hurt, tutu clad ass to a CFD house and shit-talk Firemen about THEIR pensions!

"You guys are gonna have to learn to bleed."

Classy...
Pick a fight with men who would love to justifiably
tear the skin from your ass but are prevented from
doing so because they have rules of conduct as a
condition of employment.

Then there was strategically placed shit-talk about "sticking it in the Cops ear."

"Oh my! Rahm is so tough and decisive in taking on
those "greedy" cops, firemen and their thug unions..."

Notice the distinct lack of appetite on Rahm's part to
go to the hyperviolent pits of bloody shit-mud that are the tribal area no-go zones on Chicago's South and West sides and personally voice his displeasure toward THEM!

We're tickled by the mental images of a stinking, craven, lying little weasel being gnawed to a skeleton
by the same flesh eating critters Policemen have to
contend with for 20 to 40+ years.

Rahm fancies himself to be pretty clever on top of
being a "Chicago" tough guy but you can bet he won't
be talking in-person shit to m/fers who have no rules, regulations or condition of employment and who'll think nothing of leaving a flayed and gnawed weasel skeleton for the banksters to gape at in horror.

"My GAWD! How can you COPS let this HAPPEN
TO HIM?"

>Snicker!<

Hey Rahm!
A little ghetto wisdom.

"The way you play is the way you're gonna pay."
Sleep well sweet pea...

Spring has finally sprung in Chicago.

3/21/2015 01:46:00 PM  
Anonymous Anonymous said...

SCC, New Report on International Tourism is out and Chicago is lagging behind. One of the to reasons for tourists taking a pass on Chicago is media reports on high crime here.

3/21/2015 01:47:00 AM

Our Mayor appointed Bruce Rauner, the Chairman of Tourism and increased the budget for him to do his magic. From Crain's Brigid Sweeney:

"Mayor Rahm Emanuel announced this morning that Choose Chicago's tourism arm would get another $5 million a year to promote O'Hare and Midway airports.

Choose Chicago Chairman Bruce Rauner said "the city now realizes" the value of money spent on marketing and tourism."
Maybe the marketing he did will kick in. He's now Governor. Good thing Rahm hired him to boost our image.

3/21/2015 01:55:00 PM  
Anonymous Anonymous said...

Anonymous Anonymous said...
Rahm great " fiscal manager" we dropped credit rating 5X and yet again another 3 point drop, and wonder how much the Wall Street billionaires paid off rahm? Didn't ken griffin the Wall Street billionaire from Chicago give rahm a boatload of cash? And we know Magic Johnson got a fixed 80 million dollar contract and he gave rahm $250,000 back for his campaign! Just wow, the rich kid rahm is taking taking taking! What moron will vote for this guy rahm?

3/21/2015 06:44:00 AM

MEDIA, ask yourselves why Citadel Hedge Fund's Ken Griffin would give Rahm Emanuel a million dollars to help keep him in office when Chicago's credit rating keeps dropping under Rahm Emanuel.
Why is Griffin so heavily invested in backing someone who is financially TANKING our city?

3/21/2015 02:00:00 PM  
Anonymous Anonymous said...

Anyone who thinks that Rahm is some sort of economic savior needs to look at his record. Bonds from the Board of Ed, City of Chicago and Park District are almost junk. Chuy would do no worse than this inbicile on the 5th Floor. Throw him out on Election dayl

3/21/2015 02:09:00 PM  
Anonymous Anonymous said...

Bond rating drop again?

Even the usually clueless bankers and ratings agencies realize Chicago is going broke. The same one's that missed that whole mortgage bond disaster. If they realize Chicago is broke, where do think they are going to get your pension money from?

The State? They are broke too. And do you think Springfield will be happy to bail out Chicago?

3/21/2015 02:30:00 PM  
Anonymous Anonymous said...

Rahm is so fricking scary it's beyond imagination. He's always looking for the rich just like him.

3/21/2015 03:44:00 PM  
Anonymous Anonymous said...

If RAHM wins. Chicago deserves what it gets. Isn't funny that OBAMA wants the library in Chicago but wants to live in N.Y. He even knows this city is screwed up. But the police have to live in Chicago. Send RAHM packing his bags to the CLINTON'S.

ADOIS MOTHER FUCKERS ROT IN HELL

3/21/2015 04:29:00 PM  
Anonymous Anonymous said...

Not Rahm's fault. Blame his predecessor.

You are correct, but Rahm has no intention of fixing the problem. His intention is to continue the thievery. We need a change and the only choice we have is Chuy. Chuy is not the machine so he will be much easier to get out in 4 years. Rahm is the same as Daley, just an arrogant pos.

3/21/2015 06:03:00 PM  
Anonymous Anonymous said...

Anonymous Anonymous said...
These are not signs of good urban health. The great political machine that is Chicago is wearing out and running down. One of these days it will groan and creak to a stop

3/21/2015 09:12:00 AM

More like groan, shudder to a grinding halt, reflexively expel the contents of it's bowels and die...

How utterly appropriate.

3/21/2015 07:40:00 PM  
Anonymous Anonymous said...

Hmmm.

3/21/2015 08:34:00 PM  
Anonymous Guess Who said...

Hmmm.

3/21/2015 08:35:00 PM  
Anonymous Anonymous said...

"Not Rahm's fault. Blame his predecessor."


No question, Daley is to blame, but Emanuel knew what he was getting into, and if he didn't has no right to be mayor.

He assumed Daley's fiscal malfeasance. It is his responsibility to fix it.


rb

3/21/2015 11:33:00 PM  

Post a Comment

<< Home

Newer Posts.......................... ..........................Older Posts