Perhaps the details of Mayor Daley's reputation were not entirely explained to the deal team at Mesirow.
The Metropolitan Water Reclamation District of Greater Chicago, in a debt offering typical of President Barack Obama's Build America Bonds, raised $600 million this week, relying on advice from Mesirow Financial Inc., a 72-year-old investment bank based in the city. Within 12 hours, the firm assured itself and investors a profit of at least 2 percent as the bonds appreciated as much as $25.82 for each $1,000 face amount, according to the Municipal Securities Rulemaking Board.
Wall Street fleecing financially naive municipalities is a practice as old as sin, but you would think Chicago had the wherewithal to protect itself a bit better from this kind of nonsense. Then again, perhaps we are selling the City short. In this context, one wonders how much overlap there might be between Mesirow and the City elders.
Even Mayor Daley Can't Get Rates Taxpayers Deserve for Chicago [Bloomberg]
Posted by guest , Aug 14, 2009 12:40PM
cough, mobster, cough
Posted by guest , Aug 14, 2009 12:48PM
In other news, it's extremely common for bonds to pop up on the break. This news story says more about the reporter than anything else.
Posted by guest , Aug 14, 2009 12:53PM
So you're implying that chicago might be corrupt? My cops will tell you they know nothing about that.
-Richard D.
Posted by guest , Aug 14, 2009 1:10PM
Watch it Bess, if Shortshanks finds out you are poking fun at him, he'll go Chuckie on you.
Posted by guest , Aug 14, 2009 1:11PM
@ 4 Posted by Equity Private, Aug 14, 2009, 12:37pm
Posted by guest , Aug 14, 2009 2:08PM
He looks like he has a colossal boil on his sphincter brewing...
Posted by guest , Aug 14, 2009 2:15PM
Diane Swonk made her bonus for the year.
Posted by guest , Aug 14, 2009 2:59PM
@7 its dianne swank you prick
larry kudlow
Posted by guest , Aug 14, 2009 4:28PM
@8 I thought it was Diane "the Skank".
CG
Posted by guest , Aug 14, 2009 9:50PM
Someone alert John Kass of the Tribune. I think it is jskass@tribune.com
Posted by guest , Aug 16, 2009 11:55PM
Or perhaps yet another case of crack reporting by Bloomberg?