Illinois capital-markets director John Sinsheimer and Citigroup Inc. bankers took a globe-girdling trip from the U.K. to China in June to persuade investors that the state’s $900 million of Build America Bonds were a bargain.In other words, the children of the state of Illinois are going to be forking out Payday Loan-type interest rates. All so their parents can support the political culture that produced Barack Obama, Rod Blagojevich, these 3 governors who have been to jail, Dan Rostenkowski, and the next mayor of Chicago.
The seven-country visit worked. The state sold one-fifth of the federally subsidized securities abroad the next month, tapping investors who are the fastest-growing source of borrowed cash for U.S. municipalities. Illinois, with the lowest credit rating of any state from Moody’s Investors Service, dangled yields higher than Mexico, which defaulted on debt in 1982, and Portugal, which costs more to insure against missed payments.
CAVEAT EMPTOR, dammit ! !
If you purchase the Illinois bonds, Obama is eventually going to print some money, give it to Illinois, and they are going to pay you back with .50 cent dollars. Hide and watch.
Mexico is a better investment.
The Wanted Poster came from here.