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(Reuters)   Nice bond offering you have there. Be a shame if something were to happen to it   (reuters.com) divider line 22
    More: Followup, Harrisburg, U.S., municipal bonds, emma, Financial Markets Association, securities laws  
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3425 clicks; posted to Business » on 20 May 2013 at 3:26 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-05-20 03:05:16 PM  
Harrisburg has market value?
 
2013-05-20 03:36:07 PM  
meowcheese.com

Muni Bonds are tax exempt and provide a good source of income.
Disclosure is important to know if municipality has a chance of going bankrupt.
Sure it will kill some issues, but transparency is essential for market trust.
 
2013-05-20 03:37:43 PM  

gameshowhost: Harrisburg has market value?


Well, there's a lot of empty shell casings laying around that you could sell for scrap, I suppose.
 
2013-05-20 03:46:40 PM  

gameshowhost: Harrisburg has market value?


There's an entertaining consultant's report out there which concludes that its waste-to-energy incinerator has a market value of $0.
 
ZAZ [TotalFark]
2013-05-20 04:32:44 PM  
While no individuals were held to account, a commissioner of the SEC said it would not show such restraint in future. In a typical conclusion to SEC civil investigations, Harrisburg agreed to settle the charges without admitting or denying the regulator's findings.

The second sentence is more of a message than the first.
 
2013-05-20 04:48:57 PM  
"What makes it precedent-setting is that it's the first time there's been an enforcement action on statements made by public officials."

That makes me sadder than hell.
 
2013-05-20 04:52:56 PM  

skozlaw: gameshowhost: Harrisburg has market value?

Well, there's a lot of empty shell casings laying around that you could sell for scrap, I suppose.


I remember in middle school asking if we would do a trip to the state capitol. I was told "you don't want to go there".
 
2013-05-20 04:56:04 PM  
Just one time, please, it is all that I ask. Just one time that my home state makes national news . . . it does not make me ashamed of living there.

/ 'sigh'
 
2013-05-20 05:20:06 PM  

To The Escape Zeppelin!: I remember in middle school asking if we would do a trip to the state capitol. I was told "you don't want to go there".


The state capital is ok.  Their high school is a trip.  It's got bricked over windows and bathrooms without doors.  And they threw rocks at our bus.
 
2013-05-20 06:45:56 PM  

NostroZ: [meowcheese.com image 500x711]

Muni Bonds are tax exempt and provide a good source of income.
Disclosure is important to know if municipality has a chance of going bankrupt.
Sure it will kill some issues, but transparency is essential for market trust.


Why go with a cat picture?  It works better with a screencap from the source of the quote, which is "Goldfinger".

http://www.youtube.com/watch?v=DoQwKe0lggw#t=121s

i.imgur.com

"Do you expect me to default?"
"No, Mr. Bond!  I expect you to DIE!"
 
2013-05-20 07:12:30 PM  
Wow, nobody prosecuted, and Double Secret Probation threatened for future violations. Municipalities everywhere must be crapping their pants in fear.
 
2013-05-20 08:48:25 PM  
You'd think they'd have hired people who understand things like "money" and "laws" to handle a major city's finances, instead of just letting the mayor and the council run amok with hundreds of millions of dollars.
 
2013-05-20 10:53:53 PM  

jjorsett: Wow, nobody prosecuted, and Double Secret Probation threatened for future violations. Municipalities everywhere must be crapping their pants in fear.


What threat is prison to a man who already lives in Harrisburg?
 
2013-05-21 01:19:46 AM  
The SEC is like a weak parent terrorized by thuggish children.  That dysfunctional family needs to be broken up.
 
2013-05-21 04:00:52 AM  

YixilTesiphon: There's an entertaining consultant's report out there which concludes that its waste-to-energy incinerator has a market value of $0.


Ah yes, working out as well as the one in Columbus 30 years ago.

But wait, there's more:
Get ready for round two.
Because it's different this time.
 
2013-05-21 06:44:20 AM  
I wonder how heavily stuff like this should weigh when I'm deciding whether or not to buy a house in the city.
 
2013-05-21 06:51:39 AM  

NostroZ: Disclosure is important to know if municipality has a chance of going bankrupt.


It ain't if the city's in Pennsylvania.  You know it has a chance of going bankrupt.
 
2013-05-21 08:10:25 AM  

nytmare: You'd think they'd have hired people who understand things like "money" and "laws" to handle a major city's finances, instead of just letting the mayor and the council run amok with hundreds of millions of dollars.


I dunno, in Pittsburgh, the mayor's office kept a separate set of bank accounts for expenses, funded by redirecting payments to the police department for event security. These criminal masterminds found a loophole in the system: receipts were checked against deposits into the "official" accounts,  but were never compared against invoices. So when the checks came in, they simply took them before they got entered as receipts. Since they were never received, the comparison between deposits and receipts always looked correct.

And here's the kicker: it's not clear that anything criminal actually happened here. It was a violation of basic accounting and common sense, and it certainly got the FBI's attention, but as it stands now, the mayor's simply not running for re-election, probably because he doesn't want anybody digging any deeper (apparently, the local PD has also buried a few DUIs for him, too, but that's just rumor).
 
2013-05-21 08:27:54 AM  

GoldSpider: I wonder how heavily stuff like this should weigh when I'm deciding whether or not to buy a house in the city.


If you have the ability to live somewhere that is not Harrisburg, then you should not live in Harrisburg. It really is that simple.
 
2013-05-21 10:01:58 AM  

Krumet: YixilTesiphon: There's an entertaining consultant's report out there which concludes that its waste-to-energy incinerator has a market value of $0.

Ah yes, working out as well as the one in Columbus 30 years ago.

But wait, there's more:
Get ready for round two.
Because it's different this time.


Hey, if there's no public money involved people can push whatever dumbass idea they want. WTE is a cool idea, and it works elsewhere, it just seems that Harrisburg hired a bunch of morons to build their plant, and compounded it by being Harrisburg.

Part of me feels like the state should just dissolve the current city of Harrisburg and merge it into Dauphin County or something, but I don't trust the state government to wipe their own butts without a payoff.
 
2013-05-21 10:40:24 AM  
Harrisburg has been presented a viable plan to solve this mess. Without going into too much detail, it basically involves raising incinerator rates to something close to being economically sensible and leasing their parking authority assets. This will get Harrisburg 90% out of the hole. Unfortunately the Mayor and City Council are useless and refuse to do anything except biatch about the State placing them under the auspices of Act 49. We wouldn't be here if Harrisburg's elected officials had actually made any attempt at pursuing solutions to the mess.

Of course, the City is about to elect a new mayor named Sharky Butts so perhaps my expectations are a bit too lofty.
 
2013-05-21 02:00:51 PM  

Quiefenburger: Harrisburg has been presented a viable plan to solve this mess. Without going into too much detail, it basically involves raising incinerator rates to something close to being economically sensible and leasing their parking authority assets. This will get Harrisburg 90% out of the hole. Unfortunately the Mayor and City Council are useless and refuse to do anything except biatch about the State placing them under the auspices of Act 49. We wouldn't be here if Harrisburg's elected officials had actually made any attempt at pursuing solutions to the mess.

Of course, the City is about to elect a new mayor named Sharky Butts so perhaps my expectations are a bit too lofty.


Haha, if Butts actually made mayor, the paper could go back to printing 7 days a week.
 
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