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They did their part... Council members at the time — Maryann Mahaffey, Barbara-Rose Collins, Sharon McPhail and JoAnn Watson — blocked the original pension cer

They did their part... Council members at the time — Maryann Mahaffey, Barbara-Rose Collins, Sharon McPhail and JoAnn Watson — blocked the original pension certificates deal for months. They warned it was too risky because of the stock market’s volatility and accused Kilpatrick of political gamesmanship. The Free Press editorial page in February 2005 also applied pressure, calling the reluctant council members “heads-in-the-sand” politicians who “have become a threat to the stability of the community.” The editorial described the transaction as a “sound deal” that was “akin to refinancing a mortgage.”

jessaustin 13y ago
Haha nice head-fake in the intro. You had me going. No matter the municipality, the "smart" money will always be in favor of the most outlandish deal the market could possibly bear. After all, it's the general public's money at risk. In 2005, you could refinance your mortgage at a drive-through window. I doubt they would have used that language in 2009. Refi once, you might be fine. Refi twice, you might be fine. Keep going, and you'll lose your house.