Category: States

Political theft in broad daylight: Part 2, the getaway car

31 July, 2012 (09:03) | homeowners, Litigation, Municipal bankruptcy, Sovereigns, States, Subprime, US News |

[Continued from yesterday's Part 1.]   By:David A. Smith   Unfortunately, not so far   In yesterday’s story of the outrageous – and if there were any justice in the world, totally illegal – confiscation of litigation settlement proceeds won by state attorneys general against banks for benefit of homeowners who face foreclosure, I provided [...]

Political theft in broad daylight: Part 1, daylight robbery

30 July, 2012 (13:28) | homeowners, Litigation, Municipal bankruptcy, Sovereigns, States, Subprime, US News |

By:David A. Smith   Some in elected office   Every now and then, one hits a story whose offhand presentation makes me wonder if the whole world is numb or merely numskulls who cannot see, even when it is thrust into their face, a blatant and disgraceful theft taking place in broad daylight, a theft [...]

What do your grant documents say? Part 2, you get what you negotiate

24 May, 2011 (10:27) | Cities, Contracts, Enforcement, Incentives, Innovations, Regulation, Soft debt, States, US News |

[Continued from yesterday's Part 1.]   By: David A. Smith    Yesterday we saw, via a Wall Street Journal article, that state or local entities that offer relocation incentives to businesses can hold the businesses to their promises, via enforceable agreements (mislabeled grants but really forgivable soft loans with a pre-negotiated forgiveness schedule, FSLwPNFS’s).  But [...]

What do your grant documents say? Part 1, you collect what you enforce

23 May, 2011 (10:04) | Cities, Contracts, Enforcement, Incentives, Innovations, Regulation, Soft debt, States, US News |

By: David A. Smith    You must not think it cant A grant is not a grant It can be just a loan The fundamental rules apply As grants get clawed   When I teach someone new the basics of bridge, I start always with the play, not the bidding, because although the bidding happens [...]

Poster child for what not to do: Part 2, borrow our way out of it?

20 July, 2010 (15:24) | Bankruptcy, Budgets, Finance, Illinois, Infrastructure, States, Taxes, US News |

[Continued from yesterday's Part 1.]   By: David A. Smith   As we saw yesterday, Illinois is up the financial creek.   Maybe I should have turned at the ‘shit creek’ sign?   The state’s functional insolvency – statistics given in the New York Times article we are using as text — is being pressed [...]