3 ms·
I think the genius in this scheme is that it doesn't show up as debt anywhere in the papers, and they can whine that evil capitalists are gouging the poor citiz
by smsm42 3y ago
I think the genius in this scheme is that it doesn't show up as debt anywhere in the papers, and they can whine that evil capitalists are gouging the poor citizens while enjoying the money that seemingly came out of nowhere. And simultaneously look for ways to maybe get out of it by some trick and then re-sell the same thing again. If they just borrowed it the usual way, the headlines would be "Chicago city is getting deeper and deeper in debt", but now it's "Chicago city has to deal with unmitigated greed of capitalists, aided by heartless courts".
- mjevans 3y agoLiability, including contractual liability, really ethically SHOULD show up among 'debts' (which are just monetary liability). Maybe accounting laws are too focused on money and not enough on value.
- smsm42 3y agoWell, if somebody ever reads properly made audited balance sheet of the city, it probably would be mentioned somewhere is there. But since it's not a classical debt, most casual observers wouldn't even realize it exists.