It’s a “no-brainer.” It doesn’t even amount to borrowing money. Incredibly, that’s what the new chairman of the powerful Chicago City Council Finance Committee, Patrick O’Connor, says about borrowing to pay off Chicago’s pension debt.
It’s in an interview of O’Connor by the Chicago Sun-Times’ Fran Spielman.
Maybe Chicago’s new mayor will have a different opinion, but O’Connor’s comments are a pretty clear indication Chicago is headed towards a pension obligation bond.
We have a different opinion on pension obligation bonds and we are not alone. Some of our earlier articles on them are linked below.
–Mark Glennon is executive editor of Wirepoints.
- Aug. 5 – Rahm Emanuel’s latest can kick: Borrow $10 billion for Chicago pensions
- Aug. 15 – $125,000: The pension debt each Chicago household is really on the hook for
- Aug. 19 – How Emanuel is misleading you on the city’s debt – Crain’s
- Aug. 24 – Pension Obligation Bonds Are Like Big, Fat, Dangerous Margin Loans For Stock
- Aug. 26 – Chicago CFO’s Stupendously Bad Timing On Her Last Pension Obligation Bond
- Aug. 28 – Emanuel’s real motivations for Chicago’s $10 billion pension bond plan
- Aug. 29 – A plan to make “bad pension borrowing” good? Greg Hinz is mighty confused
- Aug. 30 – Liquidation Sale. That’s How To Think About Chicago’s Proposed Pension Bond
- Aug. 31 – Emanuel’s misleading pension bond presentation to Chicago aldermen