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Harrisburg, PA will skip a Sept. 15 GO bond payment of $3.4M, choosing to use the money to...

Harrisburg, PA will skip a Sept. 15 GO bond payment of $3.4M, choosing to use the money to instead keep operating. This is the second missed payment on $51.5M of GO bonds insured by Assured Guaranty (AGO +1.5%). In total, Assured has $155.2 in face value exposure to Harrisburg and has thus far paid out $8.6M in claims.
Comments (1)
  • Its called being bankrupt. Taxpayers should demand that the city simply go BK. Throw out all the bums that bought this scheme hook line and sinker and let the bondholders take their loss.


    Why should taxpayers fork over more money because of stupid local politicians? Let the bondholders go after those that promised big returns from the project and the rest they lose.


    Then we might see bondholders pay more attention to whom they are lending money to.... which would force places like Illinois and CA to actually address their fiscal problems and start to rein in public unions.


    One only needs to look to the situation in Chicago. Teachers earning 74K per year salary (and over 100K when figuring in benefits) are striking over a 19% pay raise with the smallest sliver of accountability. Its NOT FAIR to be getting monitored and measured!!!! NOT FAIR??? Poor babies.


    What about the 80% of 4th graders that can't pass their reading tests? Similar amount can't pass their math tests. Is it fair to them?


    And that is what gets you a 19% pay raise in a government union - an 80% failure rate????!!!!!!!!


    We are nearing the end of free things for all people.... and I think its going to end badly.
    11 Sep 2012, 03:28 PM Reply Like
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