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Monthly Archives: May 2012
Scouting for graft: Look for Michigan in California
By Joel Thurtell If I were a district attorney or attorney general in California — someone with subpoena power — I’d be asking hard questions about the behavior of public school officials and the people who arrange loans, aka bonds, … Continue reading
Posted in CAB scams, Muni bonds
Tagged California, Capital appreciation bonds, Michigan, Municipal bonds, school finance
1 Comment
CAB scam in Poway
Proposition C To provide safe and modern school facilities, improve student learning, and qualify for approximately $20 million in State matching money, shall School Facilities Improvement District No. 2007-1 of the Poway Unified School District issue $179 million in bonds … Continue reading
Posted in CAB scams, Muni bonds
2 Comments
Disaster shadows Poway
By Joel Thurtell I thought Michigan was bad. Back in 1993, when I was writing about Michigan school debt, I was astonished to find school districts taking on debt with interest costs at two, three and in one case almost … Continue reading
Posted in CAB scams, Muni bonds
Tagged California, Capital appreciation bonds, Michigan, school finance, Schools
1 Comment
Bond lawyers: Whose side are they on, anyway?
By Joel Thurtell Californians: Greetings from Michigan. In the early 1990s, a Michigan school district actually sued its attorneys in a CAB deal. Amazing! As you West Coasters read the following article, you might want to ask yourselves whether some … Continue reading
Posted in CAB scams, Muni bonds
Tagged California schools, Capital appreciation bonds, Municipal bonds, school finance
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CABs and the high cost of secret deals
By Joel Thurtell If you want the best price, bid the work out. That’s a no-brainer, right? Well, the people who love high-interest Capital Appreciation Bonds also love making their deals behind the scenes. Why allow competitive bidding when you … Continue reading
Posted in CAB scams, Muni bonds
Tagged California, Capital appreciation bonds, finance, Michigan, Schools
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Long after goodies are junk, it’s pay, pay, pay
By Joel Thurtell Who would pay $117.5 million for computers priced at $28 million? Who would pay interest three times principal years after the computers were junk? It happened in Romulus, Michigan in 1990. It’s happening in California now. From … Continue reading
Posted in CAB scams, Muni bonds
Tagged California, Capital appreciation bonds, Michigan, municipal finance, school finance
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Kicking debt down the road
It’s hard to persuade people to vote for school construction that costs property owners, say, four bucks on a thousand dollars of their property’s value. But tell them the cost will be a buck and hey! Nobody begrudges the cost … Continue reading
Take the money and run!
Hello, California! You are victims of the same foul money-grinding apparatus that almost capsized Michigan schools 19 years ago. Michigan legislators awakened to the danger and banned the blight of Capital Appreciation Bonds back in 1993. In 1988, one man … Continue reading
Posted in CAB scams, Muni bonds
Tagged Capital appreciation bonds, Muncipal bonds, school finance
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CABs = compound trouble for California
By Joel Thurtell The arcane name for the financial parasites compounding California school debt is “Capital Appreciation Bond.” The California Senate’s Commerce and Finance Committee will consider a ban on CABs at its May 9 meeting. Let’s hope the California … Continue reading
