More on bond scams
From the reporter who covered this story in the 90’s in Michigan:
…By that time, when California schools are scraping to pay skyrocketing debt service, the school officials who approved these outrageous financial creations will be long gone.
Meanwhile, the bond underwriters, bond attorneys and “independent” financial advisers who urged school boards to approve financial doomsday machines will have enriched themselves by billions of dollars.
What is happening in California today played in a similar way in Michigan in the late 1980s and early 1990s. In 1993, when the carnival of bond profiteering was exposed — in a set of articles reported and written by me and published in the Detroit Free Press — the plunder came to an abrupt halt. A school board member from northern Michigan told me his district was poised to sell high-interest CABs when my stories broke on April 5, 1993. Finally aware of the CAB monster, electors were furious and made school board members aware that CABs were poison.