"Calif. lawmakers OK $11b water deal" by Associated Press | November 5, 2009
SACRAMENTO - California lawmakers yesterday passed an $11 billion overhaul of the state’s antiquated water system in a bid to supply a soaring population while preserving a fragile environment.
After a long night of debate, the state Assembly voted in favor of the comprehensive package of water bills and a bond measure to fund them. The Senate also approved. Governor Arnold Schwarzenegger was expected to sign the five-bill package....
Related: Municipal Bond Milking
Barney Frank Benefited From State Debts
Yeah, somehow TAXPAYERS always get SCREWED!
The problems became more acute this year when farmers faced a third dry year with less snowfall and new pumping restrictions to protect a delta fish.
Translation: It is the NEW RESTRICTIONS causing the problem!
Related: Heavy snowfall in Cakifornia
I've had it with the lies.
The water plan includes creation of a seven-member governing council to oversee the delta that funnels fresh water from Northern to Southern California, where most of the state’s population lives. At the center of the new water package is the bond that has grown over the past two days to more than $11 billion.
Once again, it is ABOUT BANKS and DEBT SLAVERY!!
And JUST WHO is going to help with those bonds that will cost the taxpayer interest payments?
"$700m settles JPMorgan bond case" by associated press | November 5, 2009
I want my bailout money back!
WASHINGTON - JPMorgan Chase & Co. has agreed to a settlement worth more than $700 million over federal regulators’ charges that it made unlawful payments to friends of public officials to win municipal bond business in Jefferson County, Ala.
The scandal over the county’s $3.9 billion debt has pushed it to the brink of filing what would be the biggest municipal bankruptcy in US history.
Thanks, JP!
I want my bailout money back!
And HOW does $700 million help cover $4 BILLION?
The Securities and Exchange Commission yesterday outlined the settlement with JPMorgan, which canceled interest-rate swap contracts with the county worth $700 million in March.
The bank did not admit to or deny the allegations. It will pay a $25 million civil fine and make a $50 million payment to the county, and forfeit $647 million in termination fees it claims the county owes from the canceled swap agreements.
Oh, so the REAL FINE is only $70 MILLION!
Regulators have issued warnings for years over so-called “pay-to-play’’ relationships between investment firms and government officials in the $2.7 trillion municipal bond market, tapped by state and local governments around the country to finance schools, roads, hospitals, and public works projects.
As if these rip-offs are somehow a good thing, huh?
The Jefferson County scandal brought the criminal conviction of Birmingham’s former mayor on bribery, tax evasion, and other charges last week....
Those deals seem to bring corruption with them.
Also see: Birmingham is Bankrupt
New York-based JPMorgan said it has discontinued its municipal swap-exchange business....
Horse, barn, Alabama.
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We still close the barn here in Massachusetts.
"Mass. may alter bidding on bonds" by Bloomberg News | October 30, 2009
Massachusetts might consider mandating competitive bidding on state bond sales and will not use derivatives known as swaptions again, after transactions tied to $800 million in debt sold for the Big Dig went awry, Governor Deval Patrick said....
Yeah, I would say so!
Related: Bankers' Bark Worse Than Bite to State
Massachusetts Democrats Keep Making the Same Mistakes
So Patrick is lying and the Globe made it a brief?
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No, 'murkn, the state (at any level) is not looking out for you at all!
