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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe unbelievably impertinent Rahm Emanuel
(In These Times) In an unprecedented move on Wednesday, the Chicago City Council rebuked Mayor Rahm Emanuels plan to voluntarily pay banks $106 million in penalties to terminate the citys remaining interest rate swap agreements. In another unprecedented move, I attempted to explain to my mother what had happened.
I told her, in a mix of English and our native Urdu, that the city had entered into these bad deals that had cost taxpayers millions of dollars, and that a group of us have been calling on the mayor to sue the banks to get the money back. I also told her that, instead of suing the banks, the mayor was trying to pay them all of the future payments for the next 15 years right now in order to get out of the deals.
My mother was shocked. So instead of paying what he would over the next 15 years, hes just paying them now? she asked. I nodded. Thats just more money for the banks, she replied. Why would he do that?
Emanuel claims that voluntarily paying the banks would have helped the city reduce risk. However, the biggest risk with these swaps is that if the city is forced to terminate them in the future, it could be forced to pay up to $106 million in penalties. By voluntarily paying those penalties now, the city wouldnt have reduced risk; it would have realized it.
In a press conference on Tuesday, Alderman Carlos Rosa said, Its like claiming that youve lowered the risk of your car getting stolen tomorrow by handing your car keys to a thief today. .................(more)
http://inthesetimes.com/working/entry/18774/rahm-emanuel-wall-street-interest-rate-swaps
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The unbelievably impertinent Rahm Emanuel (Original Post)
marmar
Jan 2016
OP
The US government did that to the entire country when it bailed out the banks
betterdemsonly
Jan 2016
#6
mikeysnot
(4,767 posts)1. So glad I did not vote for this stroke.
Paying his paymasters with my sons education money...
Rex
(65,616 posts)2. Rahm is a risk to Chicago.
WTH is he doing?
Ed Suspicious
(8,879 posts)3. Enriching his shadow constituency.
Rex
(65,616 posts)4. Just so obvious about it too, like he has full immunity to ruin a city.
Sick, I am glad he was rebuked...what a corrupt POS.
WhaTHellsgoingonhere
(5,252 posts)5. Carlos Rosa rocks!
26 years old and smacking down the mayor at every opportunity while the others cower to protect their jobs.
Carlos will be our mayor someday.
?w=676
alcibiades_mystery
(36,437 posts)7. I'd bet on Pawar from the 47th
betterdemsonly
(1,967 posts)6. The US government did that to the entire country when it bailed out the banks
and didn't break them up. Rahm undoubtedly played a role in that bullshit as well.