Graphic credit: Chicago Tribune, July 25, 2015
Wow! A big WCT shout out to the financial geniuses at the City of Chicago who've accrued $1,052,300,000.00 in fees, settlements, and bad investments.
The Tribune alerts residents to the slew of new taxes and fees they can expect to pay for such gross mismanagement. At the same time, hedge-fundies have also been alerted to this "lucrative" debt and have invested more in Chicago's debt because of the city's ability to raise revenue and cut expenses. This is Newspeak for increase taxes and reduce services for residents.
Chicago, known for record-breaking violence, is now also known for record-breaking interest rates on bond offerings, an apparently unheard of 5.69%.
We're counting down to see when city unions get blamed for this.