In effect, Emanuel has said to Moody’s, if you can’t say something nice, don’t say anything at all. He bald-facedly ask them to quit reporting on us. This service rates our bonds so that investors know a little about what they are buying. We are at the bottom of their ratings, worst in the country….
It is time to say, if we don’t get concessions from the unions on the pensions, we cannot tax our way out of this fiasco. It is just a moral crime for anyone to be collecting a $400,000 pension for life. Pensions were never meant to make you rich.
So if Emanuel can get Moody’s to stop reporting on the financial condition of the city, perhaps no one will notice as we sink into oblivion. Pay no attention to that man behind the curtain, so to speak!
Huge salute to Mr. Hovany for writing this. So few in our financial community have had the courage to speak up. They know how bad it is, but most are crony capitalists cowering in fear of retribution. I’d move my banking to Wintrust except it’s already there.