"Mass. treasurer reports a 'home run' $750m bond deal" by Matt Viser, Globe Staff | October 9, 2008
Massachusetts Treasurer Timothy P. Cahill said yesterday that the state was finally able to sell $750 million in revenue bonds at favorable interest rates, averting potentially dire financial problems and securing enough money to keep the state afloat until late November.
"The deal was a home run," Cahill said in an interview. "It was much better than we had even in our best estimates hoped for."
Yeah, great: Mass. Economy at the Mercy of Wall Street as it Borrows Itself Into Oblivion
You assholes have destroyed this state because of your NEEDLESS BORROWING!!!!
Rather than auction the bonds themselves, state treasury officials this week hired two New York-based banks,
And HOW MUCH in FEES did that cost the state's taxpayers, you cretinous piece of crap?
The state got a 2.2 percent interest rate on the bonds, which will have to be paid back in April and May, largely using income tax revenues that will come in next year.
That is why this state is fucking bankrupt!
Cahill said the state would probably not need to go back to the markets until late next month or early December, to secure enough money to make its quarterly local aid payment due Dec. 31.
Yeah, well, FUCK the DAMN BANKS, asshole!!!! That's who you are working for, ain't it, Cahill?!
ANOTHER INCUMBENT I'll be voting against this time!!!!!
Meanwhile, Lieutenant Governor Timothy Murray is summoning the state's mayors to Beacon Hill tomorrow afternoon to discuss the budget shortfall the state is facing. Cities and towns should prepare to cut their budgets.
Of course, "flushing . . . millions of dollars away supporting a highly profitable industry" when it comes to $300 million in taxpayer dollars for Hollywood is o.k., even as the price of a school lunch rises; paying $13 million for a computer software system that could have cost less than $3 million is all right because the winner was a close friend of the House speaker, even as my poorer-than-dirt district "has been struggling to close a $2 million budget gap."; the lottery shelling out "millions of dollars" for sports tickets for "lottery officials, their family members, and friends" is fine, even as schools are closing; making interest payments to banks to the tune of "a staggering $22 billion" for the Big Pit, as we call it around here, is required, even as bridges are neglected across the state; and again, paying off banks like UBS, who can "demand repayment of an additional $2 million a month beginning in January" while also receiving a "$179 million payment," while the state pension fund loses $1 billion dollars -- which still didn't stop the executive director from carving himself a nice "$64,000 bonus on top of his $322,000 annual salary."
Oh, and did I not mention the $1 BILLION dollar giveaway to the pharmaceutical corporations, even though "it's never been easy to turn a profit in biotech?" Flush that money away, too, taxpayer. Of course, the war looters were next in line for a handout. And should the state be appropriating money for a "multimillion-dollar reconstruction" of golf courses?
Nor is it RECKLESS to BORROW the STATE INTO OBLIVION so they can PAY INTEREST to BANKS while SITTING ON $2 BILLION DOLLARS!
Yup, keep the income tax because we need to KEEP SERVICES!!
PFFFFFFFTTT!
Also see: As California Goes, So Goes Massachusetts
On another front, state officials said yesterday that the state's pension fund has taken some big hits from the falling stock market, losing 14.9 percent of its value since the beginning of the year and taking it to levels unseen since 2006.
Yeah, but the executive director still carved himself a nice "$64,000 bonus on top of his $322,000 annual salary -- as well as shoveling money at his cronies, too!!!!
So HOW MUCH LOOTING can you stand, Mass. residents!?
Here are some ideas:
The Chinese Solution to Wall Street's Woes
The Indian Solution to Wall Street's Woes
No Bailout ! "They Will Kill You!
Then let us EAT 'EM!!!!!!!!!!!!!!!!!!!!!!!!
The fund, which covers retirement payments owed to state employees in Massachusetts, has tumbled $8 billion since January. The fund lost $4.1 billion from January through August, then took a $4 billion hit last month. --more--"
Oh, but we got TAX MONEY to throw at FAVORED CORPORATIONS and HOLLYWOOD, 'eh?!!!
Sigh. Can you NOW SEE why I am RAGING HERE EVERY DAMN DAY?
