Bond Finance and Bad Advice
2014-12-01 15:07:29.066671+01 by Dan Lyke 0 comments
Chicago Public Schools’ $100 Million Swaps Debacle Demonstrates High Cost of High Finance is a run-down on a series in the Chicago Tribune (that isn't loading for me, dear legacy papers: if you want the ad views, make the web site work) looking at the chain of events that led from a little clause that snuck into Illinois state law in 2003 to the Chicago Public Schools issuing a billion dollars in bonds, hiring a banker to produce a document which claimed the city could save $90M over the life of the bonds, but this was back in the noughties when bankers were claiming everything silly, so....
yep. Cost 'em over $100M.