Wednesday, November 14, 2012

Old is new again

So the CP daily blogh points to some recent reporting from PublicSource here in town on the impact of bid rigging in some municipal bonds for local school districts and the Port Authority.  I am unclear what the new news is. Some may recall a few old posts on this here.  August 2011: Monty Hall Meets Public Finance

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. 


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