October 1, 2009
City Manager's Fantasies About to Implode
Cambridge MA City Manager often played his trump card, i.e. the city's Triple A Bond rating. In this essay Peter Schweich exposes the negative aspects of this boast, which will soon be a large burden on the city's taxpayers. Not only are the three rating agencies under scrutiny of CA and NY Attorneys General, they are also being sued for fraud. But also the city has a large amount of unfunded obligations which will have to be paid by increased property taxes.
http://www.wickedlocal.com/cambridge/news/x576530389/Guest-commentary-Cambridge-runs-amok
[Also at Forbes.com]
http://www.forbes.com/2009/09/30/cambridge-massachusetts-opeb-pensions-ratings-opinions-contributors-peter-schweich.html
Guest commentary: Cambridge runs amok
By Peter Schweich
Cambridge Chronicle
Posted Oct 01, 2009 @ 05:59 AM
Cambridge MA City Manager often played his trump card, i.e. the city's Triple A Bond rating. In this essay Peter Schweich exposes the negative aspects of this boast, which will soon be a large burden on the city's taxpayers. Not only are the three rating agencies under scrutiny of CA and NY Attorneys General, they are also being sued for fraud. But also the city has a large amount of unfunded obligations which will have to be paid by increased property taxes.
http://www.wickedlocal.com/cambridge/news/x576530389/Guest-commentary-Cambridge-runs-amok
[Also at Forbes.com]
http://www.forbes.com/2009/09/30/cambridge-massachusetts-opeb-pensions-ratings-opinions-contributors-peter-schweich.html
Guest commentary: Cambridge runs amok
By Peter Schweich
Cambridge Chronicle
Posted Oct 01, 2009 @ 05:59 AM
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