Hey, remember the city of Harrisburg, Pennsylvania? Sold bonds to build a new trash incinerator? Then sold more bonds to pay off the earlier bonds? Remember some jackass saying
If you or I did this, they’d call it a Ponzi scheme, and we’d be going to Federal pound you in the ass prison.
Good times, good times. Guess what?
In the first such settlement ever agreed to by a U.S. city, Harrisburg, Pennsylvania’s state capital, has agreed to settle Securities and Exchange Commission charges accusing the city of securities fraud for making “misleading public statements” as the cash-starved city’s finances deteriorated in the late 2000s and debts piled up in the wake of a failed public incinerator project and other questionable borrowing.
Yeah. That wasn’t an individual charged with securities fraud, that was the city itself. Noted:
Under the settlement agreement, Harrisburg didn’t admit it did anything wrong, and agreed to stop doing it.
This comes to our attention by way of Shall Not Be Questioned, which also points out that Mayor Linda Thompson (who is running for re-election) is a member of Criminal Mayors Who Don’t Want You To Have Guns.
This entry was posted on Monday, May 6th, 2013 at 3:49 pm and is filed under Clippings, Guns, Law. You can follow any responses to this entry through the RSS 2.0 feed.
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