Comment: Readers here will see lots of familiar material in this great piece by Kristi Culpepper, a/k/a The Bond Girl. Among her intriguing points is the possibility that bankruptcy could be used to push retiree healthcare into Obamacare, which would be an indirect, partial Federal bailout. Ironically, Chicago’s fiasco may prompt reform — ending the traditional insanity of ratings done by agencies that are hired and paid by the bond issuers, which we’ve long complained about. Exactly the same issue plagues pensions — the actuaries who report on them are hired and paid by the governmental units that want to

Cook County, Ill., says a fresh downgrade could force it to refinance $500 million of debt and cost taxpayers an additional $25 million a year.”

Comment: The opinion of Cook County States Attorney Alvarez means zip, and this is just a pro-union stunt by her, but she’s probably right — hard to see any way that Preckwinkle’s reform plan for Cook County Pension is constitutional.

Comment: Seize them! Isn’t that the solution to our problems? Don’t bother trying — most of them have changed residences or will move when their kids are out of school. No wonder the press invariably describes Rauner as “wealthy Winnetka private equity….”

Like so much else in CPS high schools, sports programs are like a tale of two cities: Schools with larger enrollment — which means more funding — offer more opportunities. To some degree, basketball is the exception.

Comment: Bingo. The rigged game of rating agencies, who are hired and paid by the city that issues the bonds, ignoring pensions and accepting can-kicking are ending.

The need for cities to establish their own foreign policies will be a major theme at the first Chicago Forum on Global Cities, a three-day symposium hosted by the Chicago Council on Global Affairs and The Financial Times. It opens May 27.