When Wall Street claims it has no fidicuary duties to work to protect all clients interests----this idea does not stand when government funding is involved. Whether subprime mortgage loans and now the bond market-----government officials MUST work in the public's interest in these deals and corporations are not allowed to defraud government. IT IS ALL ILLEGAL.
For those not caring if workers contracted to pension plans lose them----the same will happen to you for the same reasons. The kabuki theater that was the Congressional Fiscal Cliff debate about the national debt from tens of trillions of dollars in corporate fraud had the US Treasury---Geithner--telling us the Treasury was bare and debt default would happen if austerity through sequestration did not happen. Since the entire subprime mortgage fraud was about bringing the economy down and looting the US Treasury into this debt----Congress worked hard to see that austerity----dismantling all US social services and programs occurred. The point is this----there is no Social Security Trust----it was raided and spent and this coming economic crash from the imploding bond market sets the stage for Clinton neo-liberals and Bush neo-cons to say----the national debt is too high----ergo, Obama's myRA privatized Social Security. Social Security is not really gone----there is enough for full payments through at least 2075 if Rule of Law is reinstated and fraud recovered. Don't allow these pols to say your pensions are gone or your SS is gone----GET RID OF THESE GLOBAL CORPORATE POLS BY BEING THE CANDIDATE IN ALL PRIMARIES AGAINST NEO-LIBERALS. If the national debt is $21 trillion now, what do you think it will be after this coming bond market crash----look below to see Geithner and the US Treasury super-heated the bond market with the FED just to create this coming crash!
Below you see the excuses used by Geithner to create this massive Federal, state, and local bond-buying scheme----if we don't find the money somewhere to fund government we have to raise taxes and cut spending. Nowhere does this article say that most of government spending these few decades has been massive and systemic corporate fraud----this is why Federal budgets have soared---it is not that the public is getting more and better services or social program funding.
'Earlier this week the US Treasury said the country was set to hit the debt limit by the end of the year. Meanwhile the Treasury has continued to unveil borrowing plans that include massive bond issues, which will inevitably drive the US economy deeper into debt'.
US austerity? US 'fiscal cliff' would trigger cuts of up to 5.1% GDP
Published time: November 05, 2012 10:29
Edited time: November 05, 2012 14:29 Get short URL US debt clock (Alex Wong/Getty Images/AFP)
As US public debt is about to rise over the limit of $16.39 trillion, analysts warn of the drastic damage it could create. Should the debt limit remain unchanged, the US economy will have to suffer austerity measures worth around $804.5 billion.
The debt held by the public skyrocketed to about 102% of the US GDP in 3Q 2012. The ratio was higher only once in the US economic history – in 1945 when it reached 113% of GDP.Meanwhile, a new so-called “debt ceiling”, that was last raised by Congress in January 2012 to $16.394trln, seems to be not high enough, as the figures show that the room for further borrowing is becoming increasingly narrower.
Earlier this week the US Treasury said the country was set to hit the debt limit by the end of the year. Meanwhile the Treasury has continued to unveil borrowing plans that include massive bond issues, which will inevitably drive the US economy deeper into debt.
If the US Congress does not raise the debt ceiling in the next few months, it would result in an “onset of austerity measures worth 5.1% of American GDP,” or $804.5bn, Margaret Bogenrief from ACM Partners told Business RT.
“The world currently sits on the precipice of a debt cliff – the rate of debt growth for the United States is, economically, unsustainable and must be curbed within the next 5 years,” added Bogenrief. A combination of increased taxes and limited spending would pave the way out of the debt hole for the US, the ACM Partners expert added.
While the need to curb the extravagance of the US – a nation of debt lovers – is clear, a collision of the economic and political reasoning is now one of the main stumbling blocks, according to Bogenrief. Economically, continued growth of US debt will keep on weighing down and destabilizing the American economy. But politically, lower Government spending and higher taxes would not be popular among US citizens.
Also, there’s “a collision between what Americans say they want versus what they prefer in reality – it’s easy to say we need to cut spending and raise taxes – as long as we cut spending allocated to other people while raising other people’s taxes,” Bogenrief concluded.
While allowing a broader opportunity for increased consumption, excessive borrowing can pose a real economic threat long term, Max Wolff, a NYC-based economist, added to Business RT.
“Consistent US debt growth is a short term boom to the US and global economies. It allows greater growth and demand now in exchange for increased financial fragility and lowered growth and demand in the future. This is the essenece of debt. Debt moves purchasing power through time. It is sustainable when it pays for greater growth in incomes in the future. If this fails, it is very dangerous,” the economist explained.
“Some amount of borrowing is necessary for any industrialized economy. For the past four years, however, the United States has averaged $1trln +in annual deficits – the growth in debt is unprecedented in American history, unsustainable, and has no easy answer in sight,” Bogenrief concluded.
If you read the international financial news you would see Wall Street and the European TROIKA talking about test cases ----using Cyprus as a test case for confiscating public bank accounts and using Greece as an example of how to load a nation with sovereign debt and then suck the economy dry money and the government and people of assets. They openly stated that as the goals this past decade as your Congressional and state pols were passing the laws to do this. Below you see the test case for US city bankruptcy and it involves having our public works----water, sewer, transportation all tied to the bond market. Remember, the goal for Johns Hopkins in having its Baltimore pols load Baltimore City with tons of bond debt was to claim its water, sewer, and public transportation as bonds default and investment firms claim this infrastructure -----and Ivy League endowments are front and center as these investment firms. So, Baltimore Development and Maryland Authority releases all these bonds knowing the bond market is being pushed to collapse----all at the direction of Wall Street and Johns Hopkins.
Make no mistake-----Detroit was set up just as Baltimore is being set up for this transfer of all public services and assets to private investors and Detroit citizens should be calling all of this fraud and public malfeasance and stopping this bankruptcy in court. Like Baltimore, I am sure Detroit's legal system is as captured and corrupt but citizens can change that
BY VOTING ALL INCUMBENTS OUT OF OFFICE AT LOCAL AND STATE LEVEL---GET ENGAGED AND RUN FOR OFFICE----BE THE REAL PROGRESSIVE LABOR AND JUSTICE CANDIDATE AND KNOW ALL THE CANDIDATES IN A RACE.
When you read this think about Greece and how it is being handled by the IMF and TROIKA and then realize that the same thing happening in Detroit and coming soon to US cities is what happened to Greece in 2008---the citizens had nothing to do with the national debt---it was all sovereign debt and municipal bond debt fraud.
IF YOUR LABOR AND JUSTICE LEADERS ARE NOT SHOUTING THIS AND TAKING ALL THIS TO COURT----THEY ARE WORKING FOR GLOBAL CORPORATIONS!
Remember, union pensions are all invested in these bonds----unions are profiting from all of these attacks and this is why unions should not be in the business of financial services!!!!!! If you read below you see that these city bankruptcies will protect the senior tranches----the wealthy investors while all the other bond holders---as unions will get nothing. Mr. Orr was sent into this Detroit settlement just to see this happens. Orr is the same as the Greek officials that negotiated Greece into these very bad TROIKA deals.
Notice Wall Street and institutions like Johns Hopkins------all rich white sociopaths always put a black professional as the face of what is killing a black majority of population. Make no mistake these actions kill all citizens as these attacks will expand across the states----these black professionals I bet would like to have jobs other than killing communities but they think they are going to keep the wealth being paid them to do this----they will be thrown under a bus when Wall Street finishes these deals. Orr comes in-----hands assets to senior bond holders like Johns Hopkins----and claims the city finances are better. Never mentions recovering corporate fraud against the city or public pension plans or cancelling bond deals that are fraudulent and corrupt.
Orr to resign soon, leave Detroit with one-time surplus
Matt Helms, Detroit Free Press 6:33 p.m. EST December 5, 2014(Photo: Kirthmon F. Dozier)
Outgoing Detroit emergency manager Kevyn Orr told a state oversight board Friday that he's prepared to ask a federal judge to make the city's exit from bankruptcy official next week, and that he'll resign leaving the city with a one-time, $100 million surplus.
Detroit Plan Restructures $6B Water, Sewer Bonds
by Caitlin Devitt JUL 11, 2013 10:03am ET The Bond Buyer
CHICAGO -- Bondholders of the nearly $6 billion of Detroit water and sewer debt hold one of the strongest hands for recovery as Detroit emergency manager Kevyn Orr tries to restructure the city's massive debt load.
Orr is in the midst of closed-door negotiations with creditors that he said could determine as soon as next week whether he will file for bankruptcy.
The $5.9 billion of water and sewer debt represent the city's largest chunk of bonds and has long been considered among its most secure. The Detroit Water and Sewerage Department is one of Detroit's healthiest assets, serving a large swath of the state, and one of the largest departments in the country.
The bonds enjoy a coveted statutory lien and debt service coverage levels that are considered relatively strong, at around 1.2 times for the senior-lien bonds.
But as one analyst put it, "overconfidence and complacency would be a mistake."
Standard & Poor's and Moody's Investors Service both dropped the debt into junk territory over the last few weeks, with S&P downgrading it nine notches. The downgrades reflect the rising risk of default from a city that is already in default on other bonds, as well as the risk of losses to bondholders under Orr's proposal to restructure the debt, analysts said.
A key to Orr's plan to restructure the Motor City, shed its nearly $20 billion of debt, and generate new revenue is to lease the water and sewer system to a new authority. The move would require a massive restructuring of the water and sewer debt.
If he can persuade the bond insurers who insure nearly all of the revenue bonds to agree to the restructuring — which would likely include some kind of impairment — it could smooth the Chapter 9 process, said one attorney.
"If it's a payment schedule they can live with, it goes a long way to potentially shortening the process," said Douglas Bernstein, practice group leader for the banking, finance, and creditors' rights group at the Michigan-based firm Plunkett Cooney.
"[Insurers] may be willing to short-circuit the process rather than endure the bankruptcy, which could easily be three years," he said.
Settling out of court also reduces uncertainty, he noted. "Everyone has got a tremendous amount of risk," he said. "Do you really want to test the law in this case?
The new water and sewer agreement would be likely be structured as a long-term lease of the assets, with Detroit retaining ownership, in order to generate a fresh revenue stream for the city. The new authority would pay Detroit annual revenues estimated in a recent report at around $50 million.
Orr's debt restructuring proposal divides holders of the current water and sewer bonds into two classes: Class A, which includes all callable bonds, would be repaid with a cash payment after the transaction. Class B would receive restructured bonds.
Both classes include senior- and subordinate-lien bonds, and all the new debt would have a lien on net revenues but be subordinate to the operating and maintenance costs of the system as well as the annual payment to the city.
The plan would likely take months to cement. The state Legislature would need to create the new authority, and the suburban governments would need to agree to the structure.
The size of the annual payment to the city could prove controversial for regional governments. The annual payment would also open the authority's revenues to the city's general fund, traditionally isolated from the department, and could weaken coverage levels and the bottom line, credit analysts said.
All of the water and sewer debt, with the exception of $476 million with a 2041 maturity, is insured. National Public Finance Corp., a subsidiary of MBIA Inc., and Assured Guaranty Ltd., insure $4.3 billion. FGIC insures another roughly $1.5 billion. Berkshire Hathaway Assurance Corp. wraps just under $400 million of sewer bonds on top of the FGIC guarantee.
The treatment of the debt as special revenue bonds not subject to an automatic stay in a bankruptcy court is likely, though not guaranteed, said bankruptcy attorneys.
But Orr is aiming for an out-of-court agreement with the insurers. The corporate bankruptcy attorney has said repeatedly he wants all creditors — secured and unsecured — to take a cut as part of a political gesture to help save the ailing city.
The restructuring plan starts the dialogue with the water and sewer bondholders.
"The emergency manager is saying, 'We need to provide essential services here in the city, and we need help from everybody that can contribute. Regardless of what you may perceive as your rights, we need a contribution from everybody'," said bankruptcy attorney James Spiotto at Chapman and Cutler LLP. "Bondholders are driven by what rights they have, but to ask for adjustments to that which wasn't supposed to be adjusted can at the least start a dialogue and some questions."
Spiotto noted that asking for an impairment could drive up future borrowing costs, translating into long-term debt for a short-term gain. A haircut on the water and sewer bonds could drive up interest costs by 1% or 2%. That adds up over the life of a 30-year bond, Spiotto said.
"What gain do you get from nicking somebody short term when you're going to pay 60% higher [interest costs] over the next 30 years?" he asked.
The move to ask secured creditors for a haircut is a move more often seen in Chapter 11 than Chapter 9, said Richard Ciccarone, chief research officer at McDonnell Investment Management.
"Even if it's just done through political pressure, if they can get people to waive their natural rights under Chapter 9, it's using an intimidation approach that looks more like a Chapter 11," Ciccarone said. "In Chapter 11, the senior secured debt still has the potential to get 100%, just as we're expecting on senior bonds in Detroit water and sewer," he said. "But not without [holders] having to participate in the negotiations and maybe actually having to cut deals that might temper the timing [of debt payments] or the tender date," he said. "They have the strongest hand going into the discussions, but being overconfident and complacent would be a mistake."
Matt Fabian, managing director of Municipal Market Advisors, said he'd be surprised if the creditors agreed to a settlement.
"It's very hard to see the insurers agreeing to something below par this early in the process," Fabian said. "The court is pretty clear, and it seems like Orr is looking for concessions beyond what the law would allow," he said. "He would be appealing to the creditors to give us something, and maybe there are ways to encourage their agreement."
One credit analyst and portfolio manager at a large asset management firm, who asked to remain anonymous, said it would be a mistake for the insurers to agree to a restructuring. "The water and sewer bonds are not immensely strong, and coverage has been thin, but it's been adequate," he said. "The last option for them should be to compromise the water and sewer bonds, which have been paying their debt service all along."
Orr's plan for the new water authority is based largely on a March report from the so-called Root Cause Committee, created to explore ways to monetize the department.
The plan calls for the new Metropolitan Area Water and Sewer Authority to set up its own retirement plans for new and current employees, but the city would retain the pension and retiree health obligations for the current department. Those liabilities would be subject to the same agreement reached for the rest of the city's retirement systems from Orr's current negotiations or a Chapter 9 settlement.
In exchange for the assets and for relief from the water and sewer legacy obligations, the new authority would pay the city a monthly fee, likely in the form of a payment in lieu of taxes. Orr does not name a dollar amount, but the root cause committee estimates it at $50 million.
A piece of the water and sewer bonds with a 2041 maturity sold for 89 cents on the dollar in Wednesday trading. Another chunk sold for 90 cents on the dollar. Bids for Detroit pension certificates, which the city defaulted on in June, came in between 36 cents and 40 cents on the dollar in Wednesday trading.
This is why VEOLA ENVIRONMENT and VEOLA TRANSPORTATION is waiting in the wings in cities like Detroit and Baltimore and you know who is a major shareholder of VEOLA ENVIRONMENT and that VEOLA transportation are global corporations taking control of US public works......IVY LEAGUE UNIVERSITY ENDOWMENTS....you know, the same universities receiving hundreds of billions of dollars to build corporate patenting research facilities tied to their corporate campuses!
It is no coincidence that these same global corporations including VEOLA are lined at the national borders of Spain, Greece, Italy, and Portugal -----and even France waiting for these Wall Street and TROIKA deals to squeeze nations assets into global corporate pockets.
This is what will happen in Baltimore when the economic crash by bond market collapse occurs next year. Remember, just as these city officials are using emergency levels of debt as the excuse to gut the city of assets----THE BAINS CAPITAL GUTTING OF GOVERNMENT ASSETS----JUST AS WITH CORPORATE RAIDING-----these economic crashes are timed during Presidential elections just so Congress and the President can pretend the need for austerity to fix the economy. So, our local officials will use all this bond debt-----will use the fact Baltimore has absolutely no income that is not tied to bond debt-----as will Federal officials and Congress. This is all installing Trans Pacific Trade Pact that ends national sovereignty and Constitutional rights and hands all law-making and enforcement to a global corporate tribunal.
THIS IS WHAT A CORPORATE STATE LOOKS LIKE---ONLY THIS TIME IT IS GLOBAL CORPORATIONS CONTROLLING ALL GOVERNMENT AND NONE OF THAT IS SOCIALIST FOLKS. IT IS TOTALITARIAN AND FASCIST.
AND ILLEGAL AND UNCONSTITUTIONAL.
Veolia Environnement S.A. is a French transnational company with activities in four main service and utility areas traditionally managed by public authorities – water supply and management, waste management, energy and transport services. In 2012, Veolia employed 318,376 employees in 48 countries. Its revenue in that year was recorded at €29.4 billion. It is quoted on Euronext Paris and the New York Stock Exchange. It is headquartered in the 16th arrondissement of Paris.
Between 2000 and 2003 the company was known as Vivendi Environnement, having been spun off from the Vivendi conglomerate, most of the rest of which became Vivendi. Prior to 1998 Vivendi was known as Compagnie Générale des Eaux.
About Veolia We're more than the world’s leading provider of environmental solutions.
REPLENISHING RESOURCES Today, water, waste and energy can all be recovered – transforming what is discarded into a valuable resource. Veolia embraces this future by developing access to, preserving and replenishing the world’s resources.
Veolia’s mission is to resource the world, helping our customers address their environmental and sustainability challenges in energy, water and waste. This means improving our clients’ energy efficiency, better managing their water and wastewater, and recovering resources from their wastes.
COMPLETE RANGE OF ENVIRONMENTAL SOLUTIONS We blend skills in operations, engineering and technology with innovative business models, offering a complete range of environmental solutions to meet the challenges of cities, governments, campuses, businesses and industries.
- ENERGY From managing heating and cooling networks for cities and universities to providing consulting services, we are a leading operator and developer of sustainable, energy efficient solutions.
- WATER From treating water and wastewater for cities to recovering valuable materials for industry, we are the world’s leading provider of water services and technologies.
- WASTE From hazardous waste to commercial waste like fluorescent lamps and batteries, we provide responsible waste solutions, emphasizing the recovery of product from waste to help preserve diminishing resources.
I have been writing about these public policy and corporate actions that lead to these financial crashes and frauds since the 2008 crash exposed all of last decade's conspiracy against the American people. I have shouted since 2009 each time Congress or the Maryland Assembly-----and your state did the same----passed laws allowing this conspiracy to defraud to move forward. It is no secret----pols and leaders know this is happening. If you followed what is happening in the PIGGS nations-----the social democracies that European, UK, and US banks targeted with this debt fraud so to break up these social democracies----you will see the same actions playing out here in the US with this bond debt fraud. IT IS THE SAME THING AND AS THIS ARTICLE SAYS------OUR GOVERNMENTS DO NOT OWE ANYTHING----IT IS ALL FRAUD. This is why I shout that reversing this is easy peasy and these guys know it----all we have to do is get rid of pols that move this forward in both Republican and Democratic Parties. They only represent a few percentage of the entire party votes folks.
BE THE CANDIDATES THAT WILL NOT SELL OUT. EVERY DEMOCRATIC PRIMARY AT ALL LEVELS SHOULD HAVE A REAL PROGRESSIVE LABOR AND JUSTICE CANDIDATE RUNNING AGAINST CLINTON NEO-LIBERALS!
Below you see what will happen when governments are allowed to be called bankrupt-----they will be milked as though they were credit card delinquents and this is what keeps people and governments in debt.
'After five years of this punishment, Greece’s $300 billion debt has become $350 billion or so — after $250 billion passed through to the banks'!
Debt Fraud: Greece Actually Owes Nothing!
By The Posh Report News Staff on July 2, 2015
The Greek debt, as such, is mostly not Greek debt. The debt which Germany and other nations are demanding that they pay for, is money that the Greeks never got! So the Greeks don’t owe that money. This was a swindle, because the Greeks didn’t incur that debt.Lyndon LaRouche, Feb. 17, 2015
What Americans need to know about Greece and “its debt,” is that the new Greek government is asking the European Union to shut down a huge Wall Street-London bank swindle and make economic growth possible again in Europe.
If that doesn’t happen, the worsening bankruptcy of the whole trans-Atlantic banking system will continue to generate desperate confrontations with major powers Russia and China, with the threat of world war.
The rest of Europe, so far, is refusing to shut that Wall Street swindle down, and today Obama’s Treasury Secretary Jack Lew backed up that refusal, including by a threatening phone call to the Greek finance minister.
What Obama, Merkel, et al. are demanding Greece do, instead of shutting down this Europe-wide swindle by the banks, is run a budget surplus of 4.5% of its annual economy, exclusively to pay the “Greek debt.” In U.S. terms? That would mean the United States running a government tax surplus of $750 billion a year, in order to pay down debt. You won’t hear Obama or Lew volunteering to try it; it is impossible.
The “Greek debt” swindle is the same one as the TARP bailout here, and the Federal Reserve’s printing of $4 trillion in new money to cover Wall Street’s debts; and its perpetrators are the same huge banks.
In the United States, the big banks took millions of subprime, unrepayable mortgages sold by their captive mortgage companies, and made them into toxic securities which blew up the financial system and the whole economy in 2008; the government bailed them out, while our living standards plunged.
In Europe, the banks bought the mortgage securities from the U.S. banks. At the same time they made millions of unrepayable subprime loans of their own — not only to homeowners, but also to governments without the means to repay them, like those of Greece, Ireland, Portugal, Hungary, and others. Big Wall Street banks were involved, particularly Goldman Sachs, which created “magic” derivatives: Take a bank loan to Greece, make it look like a mere “currency swap” rather than a debt — but turn it into a much bigger debt ten years later.
All this European subprime debt blew up on the big banks in 2009, a year after the U.S. subprime debt blew up on them. Then the European governments all superindebted themselves, to create a $1 trillion “European TARP” called by the initials EFSF. They bailed the megabanks out, with the IMF pitching in, using “only” about $600 billion to pay the unpayable “subprime government debt” part of it. $275 billion paid “Greek debt.”
This immense bank bailout got passed through the Greek, Irish, etc. governments, which passed it immediately on to the banks which had been their “subprime lenders.”
We have to spill this thing as a leading issue in the U.S. You can sink Wall Street on this one. If you sink the Greek swindle, you’re going to start a chain-reaction explosion of the international trans-Atlantic system, like the Wall Street system and similar things, the British andothers. They are the ones who owe the debt, not the Greeks.
— Lyndon LaRouche • Feb. 17, 2015 The Greek debt swindle was classic. In 2009 Greece’s debt was $300 billion. It then “got” two huge bailouts in 2010 and 2012, of about $140 billion each. Less than 10% of that $275 billion stayed in Greece and was spent by the Greek government; more than 90% went directly and immediately to Deutsche Bank, HSBC, JPMorgan Chase, and their fellow sharks, with small amounts crumbling to the hedge funds swimming alongside. Former Greek Labor and Social Security Minister Louka Katseli has given documentation that the Greek government actually got to spend or invest just 3% of that $275 billion. The only banks which had to write off their “Greek debt” were Greek banks; all of Wall Street and the London-centered banks got their toxic debt “assets” guaranteed 100% by this European bailout swindle. This made the Greek banks so bankrupt that the Greek government then had to borrow more to bail them out with $50 billion — so Greece’s debt was increased when supposedly being reduced! A total swindle!
Then, between 2010 and today, Greece, Ireland, Portugal, etc. were ordered to pay the bill for this huge new Europe-wide bank bailout debt. They imposed a slashing domestic austerity until their people emigrated, death rates rose and birth rates fell, and clouds of wood smoke rose over modern cities whose inhabitants could no longer afford modern heat. After five years of this punishment, Greece’s $300 billion debt has become $350 billion or so — after $250 billion passed through to the banks!
And the other European countries are also on the hook for this phony debt, all of it. They guaranteed it; Greece and Ireland and the other austerity-crushed countries can’t pay it, so the rest of Europe must either agree to reorganize that debt and write it down, or their taxpayers will pay for the swindle.
Black Rock is simply a global investment firm enriched last decades from all the financial frauds that never had justice......they probably really do not have any assets that are not SOMEONE ELSE'S THROUGH FRAUD. You see Maryland is solidly attached to these global investment firms through all of the bond debt generated by Erhlich and O'Malley and Hogan shows no movement to negate all of this as fraud against the citizens of Maryland and Baltimore City.
Make no mistake-----all of these professional dealers have known the bond market was being deliberately super-heated to implode by selling US government bonds like they were subprime mortgage loans and make no mistake all these professional dealers are protected against the coming bond market crash through credit default and bond insurance corporations that will go bankrupt honoring these bond contracts.
When my organization tries to get copies of these 'stakeholders' in these bond deals-----as the $1 billion dollar bond deal for our public schools-----government officials will not provide it----they say it is proprietary information. In other words---they do not want anyone to know who is conspiring to defraud the state and local governments with these government officials. At the same time-----Brian Frosh, our new Maryland Attorney General writes a bill to the Maryland Assembly that seeks to make his office the only one that can advance a lawsuit against a government employee......trying to make sure that all this public malfeasance cannot have justice in court. None of this is legal or constitutional but Maryland ignores as of this----
WE THE PEOPLE CAN REVERSE ALL OF THIS BY SIMPLY RUNNING AND VOTING IN PRIMARIES FOR REAL LABOR AND JUSTICE CANDIDATES AGAINST ALL CLINTON NEO-LIBERALS AND BUSH NEO-CONS. ALL MARYLAND POLS ARE NEO-LIBERALS AND NEO-CONS.
Welcome to the Municipal Bond Club of Baltimore
munibondclubofbaltimore.com The Municipal Bond Club of Baltimore was organized for the purpose of uniting persons in the Baltimore Metropolitan area who are engaged in the legal approval ...
BlackRock Maryland Municipal Bond Trust’s (BZM)
(the 'Trust') investment objective is to provide current income exempt from regular federal income taxes and Maryland personal income taxes. The Trust seeks to achieve its investment objectives by investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Maryland personal income taxes. The Trust invests, under normal market conditions, at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
Who We Are
BlackRock is trusted to manage more money than any other investment firm*, and our business is investing on behalf of our clients, from large institutions to the parents and grandparents, the doctors and teachers who entrust their savings to us.
We work only for our clients—period. Our promise is to offer them insight about what to do with their money and the products and services that can help them plan for a better financial future.
That's why companies, institutions and global governments come to us for help meeting their biggest financial challenges.
We’ve created world-class capabilities around our clients’ greatest needs, with a comprehensive range of products and services across asset classes, geographies and investment strategies. Our roots are deep in every region around the world, with some 135 investment teams in 30 countries sharing their best thinking in order to seek better returns.
Who We Serve
Our clients come from nearly every corner of the globe. They are governments, companies, foundations, and millions of individuals saving for retirement, their children's educations and a better life.
Our Singular Focus We're passionate about our work and intensely focused on performing at the highest levels. To get there, we strive to out-think and out-work competitors and find the best balance of risk and return across all investment styles on behalf of our clients.
Responsibility Responsibility is at the heart of our business—responsibility to our clients and by extension to the communities in which we live and work. We're investing in our communities and our neighbors through our signature focus on education and on building better financial futures.
As the world's largest investor, working on behalf of millions of clients of all sizes, BlackRock embraces a strong commitment both to transparency in financial markets and to sound corporate governance. We are also one of the world's largest responsible investors with $225 billion in mandates that explicitly address social, ethical, or environmental considerations.
I showed last time that General Obligation Bonds are already shown to be the weak link in a collapsing bond market-----it is the State Treasurer-----in Maryland Kopp has been the one creating these deals just as Tim Geithner as US Treasurer did------she has been around A LONG TIME FOLKS! At the Baltimore City level it is the Comptroller.
Everyone who knows national and international financial markets knows these policies by the FED and Congress were meant to super-heat the US sovereign and municipal bond market into collapse. They knew this was not about finding another route to support government funding----that would have been recovering fraud. Below you see a category of bond that I showed yesterday is already showing frauds and bad policy-----and yet, there it is-----pushed by US and Maryland Treasuries as a way to maximize state revenue.
Note that these same bonds are given the MOODYS AAA rating------remember MOODYS AAA rating for subprime mortgage loans? MOODYS is still the same corporation operating the same way-----even though it was bankrupted for being the center of the last massive subprime mortgage fraud. The whole system will remain corrupt if WE THE PEOPLE do not take back our government-----
HAVE YOUR POLS AND/OR THE CANDIDATES FOR DEMOCRATIC PRIMARIES BEEN SHOUTING ALL OF THIS THESE SEVERAL YEARS-----OR ARE THEY SILENT WORKING WITHIN THE EXISTING POLICIES? STOP VOTING FOR THOSE SILENT!
General Obligation Bonds
General Obligation debt, which is backed by the pledge of the full faith and credit of the State, finances State-owned capital improvements, such as prisons and colleges, and various State capital grants to local governments and private non-profit organizations. Projects funded include local public schools, local jails, water treatment facilities, museums, rehabilitation of historic structures, and private treatment centers for the developmentally and physically disabled.
The State's General Obligation bonds have been assigned the highest credit rating by Moody's Investors Service, Inc. (Aaa), Standard and Poor's (AAA) and Fitch Ratings, Inc. (AAA). One of only ten states in the nation to hold a Triple-A credit rating from all three major credit rating agencies, Maryland's low interest rates are attributable to these superior ratings.
The Treasurer recommends the size, timing, and terms of sale of General Obligation bonds. This entails periodic analysis and surveys to determine the monthly cash balances of bond proceeds and project anticipated cash needs of State agencies and grantees for authorized capital projects. In recent years, the State has held sales semi-annually although if there are opportune market conditions, the State may issue more frequently as it did in late 2009. The Debt Management Division, in conjunction with the State's financial advisor, the Treasurer's counsel, and the State's bond counsel, coordinates the sale and all activities prior to the actual sale, including liaison with the bond rating agencies, the preparation and publication of statutorily required notices and advertisements, and the preparation and distribution of Official Statements. The preparation of Official Statements is primarily performed in-house, resulting in substantial savings to the State.
The State Treasurer's Office monitors market conditions and arranges the details of the actual sale, including the selection of the method of sale. In competitive sales, which are held at a Board of Public Works meeting, bids are transmitted electronically by underwriting syndicates and verified by the Office. The winning bid is then ratified at the meeting. In negotiated sales, underwriters, which are selected in a competitive procurement process, negotiate bond prices with the Office. Final pricing is incorporated in the Bond Purchase Agreement which must also be approved at a Board of Public Works meeting.
Finally, the State Treasurer's Office supervises all activities of post-sale settlement, the investment of the bond proceeds, compliance with Internal Revenue Service requirements for tax-exempt bonds, continuing disclosure and payment of debt service.
Below you see where the government agencies tasked with protecting the citizens of Maryland are headed by people who see maximizing the wealth of Maryland's 1% and Wall Street as the goal. Kopp is in charge of investing public pensions into markets she knows will collapse as with moving Maryland public pensions from the then safety of the bond market to the stock market in 2007 as the stock market was crashing-----Kopp is the one who has allowed all of this credit bond leverage that will bring down the economy again. The Maryland Treasury as with the US Treasury is open to corporate fraud when the Congress or Maryland Assembly is controlled by Clinton neo-liberals working with Republicans to do this. Geithner fought all financial regulation at the national level and Maryland has no financial regulation-----it allows open fraud of government and citizens.
Look below as your pols voted to keep Kopp in place even as all of this fraud and corruption is emptying our state coffers. A global corporate control of our state will see this position headed by someone who embraces the movement of all state revenues to these global corporations. It makes of Maryland a colonial entity paying 'taxes' in the form of frauds.
Nancy Kopp reelected as Maryland state treasurer by General Assembly
State Treasurer Nancy Kopp, right, before a State of the State speech on Feb. 3, 2011, in Annapolis, Md. (Gail Burton/AP)
By Ovetta Wiggins and Jenna Johnson February 25
The Maryland General Assembly reelected Nancy K. Kopp to a fourth term as state treasurer during a joint session in the House chamber Wednesday.
Kopp defeated William H. Campbell, a Republican and former candidate for state comptroller, in a secret-ballot vote.
Prior to the election, Senate President Thomas V. Mike Miller Jr. (D-Calvert) instructed the members of the General Assembly to take the task seriously.
“This is a very serious matter,” Miller said. “It deserves serious consideration of every member.”
But as the names were read, it was clear that a few of the lawmakers didn’t take Miller too seriously.
Among the vote-getters: Del. Dan K. Morhaim (D-Baltimore County), Alex Hughes, the deputy chief of staff to House Speaker Michael E. Busch (D-Anne Arundel) and “D. Davis,” who everyone assumed was Del. Dereck E. Davis (D-Prince George’s). Davis got two votes. Hughes and Morhaim each received one.
After receiving the majority of the votes, Kopp was escorted into the chamber to take the oath of office from Busch and Miller. Also present were Gov. Larry Hogan (R) and State Comptroller Peter Franchot (D), Kopp’s colleagues on the state panel that approves state contracts, members of her family and former colleagues, including Prince George’s County Executive Rushern L. Baker III (D) and attorney Tim Maloney, who served with Kopp in the House.
Miller said Kopp was “a representative of the people, a representative of the body.”
Miller, who is always willing to offer a history lesson, said the state legislature “inserted” itself into the selection of the state treasurer in 1980.
“Until the middle of the last century, the treasurer was just a crony of the governor,” Miller said. “This lady is a representative of the people, a representative of the body.”
During a 10-minute speech, Kopp thanked her family, former colleagues and legislative staffers who helped form her career over the past 40 years. Kopp served as a Montgomery County delegate for 27 years before she was first elected treasurer in 2003.
Here is the government agency tasked in Baltimore with making sure Baltimore's revenues are protected and as we know------whether real estate deals, Board of Estimate contract awards-----whether these Baltimore city bond deals------it is the Comptroller of Baltimore who is the people's advocate against all of these frauds. Now, in Baltimore----this is no easy task so I understand this is not a one agency deal.
Know how an agency broadens support to make sure it can do its job? IT EDUCATES THE PUBLIC ON PUBLIC POLICY. This is the problem and the solution for Baltimore City residents as regards getting control of its government. It is the politicians-----government officials who lead in educating the public on policy----not just from one viewpoint that is all propaganda----but broadly. A Democratic politician is the one that promotes broad democratic education. You know Baltimore's pols are not Democrats because the entire city is one silent capture as regards policy. THIS IS WHAT NEO-CONSERVATIVES DO----LIKE JOHNS HOPKINS---THEY SILENCE DEMOCRACY.
We can have all the audits in the world---but if we do not have oversight and accountability built into city agency operations on a daily basis we are not providing protection for our revenue. First, I would shout----stop electing lawyers as politicians. We need the average citizen running for office. I think every Maryland Assembly pol is a lawyer and Baltimore City is going that way too. I don't know who this candidate was----but I know any candidate that states openly they were in the Maryland Assembly during the times of systemic fraud ----on the Ethics Committee at the time Maryland was known to be the most fraudulent and corrupt in the nation----
THIS WOULD NOT BE A CANDIDATE FOR WHICH TO VOTE TO CLEAN UP MARYLAND AND BALTIMORE FRAUD AND CORRUPTION.
Lots of people can be an accountant. Do you balance your checkbook? The important thing is to build structures of oversight and accountability-----just run for these offices and we will do the work. Do not think you need special training to do the people's work-----
A policy background Candidates for Baltimore City comptroller
CAMPAIGN 1995September 07, 1995|By Julian L. Lapides
A FRIEND OF mine remarked that had I engaged the services of a professional matchmaker, a better fit could not be found than that between me and the office of comptroller of Baltimore City.
As a state legislator for more than three decades, I gained the reputation of being fiercely independent, which is an essential quality for the comptroller who sits on the Board of Estimates. During my 32 years in the Maryland legislature, I co-chaired the Senate's Ethics Committee as well as the General Assembly's Joint Budget and Audit Committee, and I served on the Budget and Taxation Committee throughout my entire 28 years in the Senate. By profession, I am a lawyer with more than 30 years' experience, concentrating in estate and trust work.
These positions have given me tremendous experience in fiduciary, fiscal and budgetary matters as well as audit review. While it may be appropriate to require that the city auditor hold an accounting degree, the comptroller's duties are much broader, crying out for a person with a background in public policy and demonstrated ability to review the operations of government.
If elected Baltimore's next comptroller, I intend to effectuate the following:
* Initiate an audit committee similar to the General Assembly's Joint Budget and Audit Committee to review poor audits and hold accountable any department head responsible for unsatisfactory results.
* Propose legislation to the mayor and City Council that would grant the comptroller the ability to withhold up to 10 percent of the salary of any department head responsible for a poor audit performance.
* Recommend stricter ethical standards for all city officials and executive employees and request that the city's financial disclosure forms be conformed to those required by the state, which are more inclusive and thorough.
* Complete an inventory of all city property, enabling the city to dispose of unnecessary land and buildings, providing citizens a clearer picture of what could be sold and restored to the city's declining tax rolls.
* Pursue fiscal mismanagement and rid city agencies of sloppy and wasteful programs and procedures.
* Stress prudent and safe investments for all city pension systems. It is imperative that the pensions of city employees (including firefighters and police officers) be preserved and not invested in fiscally irresponsible schemes.
* See that the taxpayers receive a full 100 cents of value for each dollar spent.
This important office is no place for a novice, particularly in view of the recent scandal suffered by our city under the last comptroller. Rather, it requires the election of a tough, honest, seasoned, independent person who is not afraid to say "no" to the powers that be.
As the public's representative on the city's Board of Estimates, I pledge to represent only the interests of the taxpayers and not of those who would profit personally by city contracts or leases.
The Baltimore City comptroller should be the watchdog for the city's finances. I intend to be that watchdog. If elected comptroller of Baltimore, a city at the crossroads between survival and demise, I will continue to vindicate the confidence and judgment of those who elected me -- that is, I will vigilantly, tenaciously and forcefully carry out the highest expectations of those citizens concerned for and deserving of a better Baltimore.