Kenosha might need almost $8 million in additional collateral or risk default on $28.7 million.
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"They require deep and skilled analysis to understand, and unless the municipality employs its own specialist with specific analytical capabilities, it should otherwise only hold such things if purchased for them by a professional asset manager," Eric Jacobson, a bond analyst for Morningstar Inc. in Chicago, said after reviewing the CDO prospectus. "To buy an instrument of this type . . . without any special knowledge or ability, at the recommendation of a broker, is a very poor and arguably reckless decision."
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2 comments:
Mike,
I posted this on Alex's blog, but it definitely applies to you as well.
As you know, I don't see the same amount of issues with the Village government. I know the dog has fleas, but I don't feel they are as plentiful as you do.
One thing I find we'd truly agree on is the KUSD and it's issues. I am shocked there isn't more concern in the Village with regards to the KUSD issues. Our (Pleasant Prairie) representation to the school board is virtually nil. The school commission needs fresh, intelligent voices added. I implore you, Mike Renner, and anyone who has/will have school-aged children to get more involved in this. I am not saying to ignore your personal goals within the Village (political or otherwise), but see this as crucial to the Village's growth.
Feel free to contact me with any ideas you may have. Again, thanks to you for the forum.
jroscioli@wi.rr.com
Unfortunately, school boards across the country do not care about public comments or controlling spending and benefits. Every now and then a fiscal conversative will be elected to school boards, but it is difficult because the unions spend thousands to make sure "their" tax and spend candidates are elected. As we see, there will be a huge price to pay, not just financially.
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