Sunday, September 2, 2012

Harrisburg: A Case Study in Seduction

"So what you have is, you have the financial advisor, makes $142,000 on this $30 million notes; that's a lot of money. Now, the County had a law firm, the City had a law firm, you know it's..."

"How many law firms are on this list?"

"It's, um -- financial advisors like to call this the Noah's Ark of public financing. Meaning, there's two of everything."

My guess: no "criminality" here, Certificate 81-10B notwithstanding. Not unless for decades, every room and phone in Dauphin County was bugged 24/7 for passing ill-advised intimations of quid-pro-quo type arrangements -- and even then it would be a matter for interpretation.

Transparent stupidity which befuddles generations is not against any law.

TERRIFYINGLY RELATED: Wall Street's War Against Cities -- Why Bondholders Can't, and Shouldn't, Be Paid (Michael Hudson, Naked Capitalism)

Image credit *SnowFright, deviantart

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