Old is new again
or these posts on another whole Port Authority financial miasma that almost went a whole lot worse in the end.
Feb 2011: Bad bonds, bad bonds, watcha gonna do
Nov 2008: More Port Authority financial problems?
the bid rigging issue was in the end just a matter of whether borrowers paid a slightly non-competitive price (i.e. rate) for some debt. A marginal issue by definition. The variable rate bond issue that nobody ever poked at up front really could have been bad financially.