Wednesday, April 29, 2009

Melton, Crisler, Bluntson, Mclemore, Hill, Tillman: Dumber than a bung of dagos. Literally

Well, apparently even the dagos have figured out these interest rate swaps for bonds are a bad deal. Look at what the Italian government did to the hucksters from Wall Street:

"With municipal bond investigations spreading to Europe from the United States, Italian authorities have seized about $300 million in assets of four global banksJPMorgan Chase, Deutsche Bank, UBS and Depfa — whose officials have been accused of fraud.
The Guardia di Finanza in Milan, the financial police of Italy, took over real estate properties, bank accounts and stock holdings on Monday to assure it could collect from the banks if their officials were found guilty and the banks were held responsible.
The seizures stem from the banks’ handling of a $2.2 billion municipal bond issue and related financial contracts known as swaps that Milan undertook to retire other debt in June 2005. The lead prosecutor accused the bankers of misleading the city and falsely claiming that the deal would generate savings. If all the costs had been properly included, the prosecutor said, the entire deal would have been illegal under a national law that allows restructuring of debt only if it produces a savings......
Three of the banks are also being investigated over their municipal bond practices in the United States. Officials or former officials of JPMorgan Chase, Deutsche Bank and UBS, along with the institutions themselves, are the subjects of investigations, company filings and documents filed in civil cases show..........
On both sides of the Atlantic, the banks and their executives have been accused of misleading local governments and selling officials exotic financial products known as derivatives that they did not fully understand.
These derivatives, when combined with bond offerings, were presented as ways to raise cash and reduce the long-term cost of debt, but officials claim now that many of the contracts, in the form of swaps, were packed with millions of dollars in fees that were not disclosed.
In his filings to a judge in Italy seeking the asset seizure, Mr. Robledo asserted that the bankers falsely claimed that the deal would save 57.3 million euros (
nearly $76 million)
While charging only nominal fees to show the refinancing would be beneficial, he said, the bank then hid their profits in the spread between what the city paid to the banks and what the banks gave in return on swaps contracts that accompanied the bond issue
— a difference of 52.7 million euros
(nearly $70 million) ....... " NY Times story

Meanwhile, Rick Hill tells us what a great deal these same swaps are for Jackson. Does anyone believe him?

Municipal carnage caused by Wall Street
Houston: jacked by 15% rates
Jackson:paying $4 million in fees
Will Jackson become Birmingham?


Anonymous said...

awesome job on shining some light on all this KF!

Anonymous said...

Dagos? As in Wops? LMAO

Anonymous said...

Does anyone believe him?Sara O'Reilly-Evans does.

When it looks like your job is a goner in give or take 60 days, and when you're about to hit a $60,000 jackpot for a cursory wink and nod review of the transactions, you sure as hell do understand how critical the need is to complete these swaps ASAP.

Anonymous said...

Noun 1. dago - (ethnic slur) offensive term for a person of Italian descent


Kingfish said...

Some of my best friends are Italians. In fact, some of the best sex I've had has been with female Italians.

Kingfish said...

and if you want the CL to actually cover this and put some heat on the City, email Blair Goldstein at

She is the city reporter. Joyner will butcher the story with prepositional phrases and paragraphs that only leave out "nowutamsayin"

Anonymous said...

The hate crime police led by bennie thompson and jim hood will get you

Greenville Guinea said...

Dago could be considered derogatory and is too often used that way. But there was also a time not that long ago when friends with different ethnicities used those terms with each other jokingly, for fun with no malice intended, and no offense was taken. It was ribbing, giving of the business, fun, non-threatening.

I'm a Wop and I wasn't offended. I've read and heard them all. I'm not sure my definition of bung syncs with King's. The humor is clumsy which will please the political correctionists out there. But I don't see malice and as an Italian-American I know that when I see it.

Though King having sex with Italians is more information than I care to know. ;)

Anonymous said...

I'm sure 'Fish used the term lovingly and with respect. *snicker*

DWF said...

I concur with 'Fish in regards to Italians, only male not female! Woohoo!

Greenville Guinea said...

I've never been offended when someone refers to me as an Italian Stallion. I wish they would do it more often. ;)

Anonymous said...

"I've never been offended when someone refers to me as an Italian Stallion. I wish they would do it more often. ;)"

Tell us more, Guinea!

Anonymous said...

So have you lost all respect for Wiell too? I mean he did endorse Crisler, so obviously he doesn't think the swap was so horrible that he withdrew his support for him as mayor. Funny, how you only comment on what fits into your own little world.

Anonymous said...

"So have you lost all respect for Wiell too? I mean he did endorse Crisler, so obviously he doesn't think the swap was so horrible that he withdrew his support for him as mayor. Funny, how you only comment on what fits into your own little world."

Maybe it's the lesser of all evils?

Kingfish said...

Weill had his reasons for endorsing Crisler. If Weill and I agree on an issue, great, if not, no big deal. He's the best councilman right now.

Anonymous said...

Let's see if Weill tackles the matter of TIF abuse. I'll bet you that 99% of Jackson taxpayers do not know that they are subsidizing the already completed expansion of the private River Hills club for the next 10 years or so.

Anonymous said...

River Hills WAS NEVER GOING TO LEAVE their current location. That is only the soundbite they put to the heads of the Council to pull off the TIF scam.

Anonymous said...

Obviously you know very little about how important these types of tax breaks are to developing a city and/or keeping an area well-developed.

Anonymous said...

Actually, isn't that Weill "has" his reasons for endorsing Crisler. If he is the best there is, then his endorsement must mean a great deal to Ward 1 and Jackson. And, if you seem to know those reasons, why aren't you clueing us in on said reasons. I suspect that I actually know why he is endorsing Crisler over why you think he is endorsing Crisler.

Anonymous said...

Obviously you want to run and hide from the fact that taxpayer subsidizing TIFs are being abused in Jackson.

Jim Craig said...

TIFs are not just used in Jackson; they have been used to develop private commercial property throughout the State. It's a system that breeds abuse and something the Legislature needs to get a handle on.

Kingfish said...

These swaps will break Jackson more quickly than TIF's ever will.

Anonymous said...

I don't think it is a matter of which is greater or lesser of the evils. The swaps refi debt while the TIFs are taxpayer subsidies going directly to private businesses.

Why we remain last said...

You are CLEARLY CLUELESS ABOUT TIF'S. THE SAME TAXES THAT HAVE BEEN PAID, CONTINUE TO BE PAID. THE NEW TAXES derived from the increased value of the property ARE ALSO PAID [dumbass] and are used to FLOAT a NEW bond to correct and connect to city water/sewer/resurfacing needs.

This was done at RH. there is a reason our state is last in everything. These are done nationally, but when done here, local yahoos freak.

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If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

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