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Monday, February 13, 2012

PA bond sales bails out Calif. hedge fund, Wall St. bank

Money's tight for Pennsylvania colleges, public schools, developers, and disabled children, Gov. Corbett tells us.

But not for everyone. In January, a state agency went to Wall Street and borrowed $107 million to to finance a Harrisburg office building deal through the bailout of a county agency's defaulted bonds, thereby enriching the speculators who bought up those bonds at a discount: a California hedge fund, and one of the biggest Wall Street banks.

More in my column in Sunday's Philadelphia Inquirer here.
Posted by Joseph N. DiStefano @ 11:10 AM  Permalink | Post a comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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