2 smart young policy analysts asked what I learned @ #bbdistress. My resp, on reflection: clear line from #muniland dysfunction to distress.
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THANKS for the shout-out, @cate_long! http://reut.rs/YowYXD #bbdistress was a great conf: I couldn't write fast enough! #muniland
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Piper's Rattner: only #muniland bonds you’d feel comfortable selling to your grandparents should be sold competitively. #bbdistress
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we've heard several times that NC i poster child for state intervention in #muniland distress but no explanation of why. Hm. #bbdistress
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Ramirez' Solomon: That can has got to be getting to the end of its journey. #bbdistress #muniland
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Morning #muniland, back at #bbdistress. Happy to report there is @chobani for breakfast, making this possibly the best conference ever.
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CLASSIC: White House rep can't travel to #bbdistress because of #sequester.
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Cute: S&P's Karl Jacob puts teenage son on creditwatch bc he "has a spending prob." Son says no, it's a lack-of-revenue prob. #bbdistress
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more from @recusack, in RI distress doesn’t mean default; Ch. 9 doesn’t even mean default. #bbdistress #muniland
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From @RECusack - want to know if RI's fiscal stability act worked? Central Falls in and out of Ch. 9 in 13 months #bbdistress #muniland
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#Pittsburgh's Kunka: Act 47 commission recommended they exit but approval is stalled w/ Gov, they believe pending May primary #bbdistress
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Grande:after FSA, RI enacted statutory lien legislation. Moody’s says only 5 states have such liens - FL, LA, CO, RI, CA (?) #bbdistress
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Audience question: what can be done with #PuertoRico? receiver? federal takeover like DC? #bbdistress #muniland
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Unkovic has "a lot of respect for Gen. Lynch “and his consultants” (PEL?) and is optimistic for #HBG. #muniland #bbdistress
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Unkovic: #HBG is "filled w/ irony." People who opposed me coming in b/c I was a bond lawyer and white, ended up being supportive #bbdistress
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NOW #Hbg? Unkovic says "if you have a public finance industry that took a city off a cliff, that needs to be addressed" #bbdistress
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Sigal: in NY, and many other cases the state comes in with credit enhancement. In CA, the state gives nothing. #muniland #bbdistress
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Dillon: debt is not the problem in #Detroit; tho' its swaps are "problematic": ~360m worth. #muniland #bbdistress
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SECOND audience question asking clarification on #debt haircuts. Dillon says no, tho' there may be some restructuring #muniland #bbdistress
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Dillon expects some restructuring of debt; OPEB costs are “a monster.” also will defer a second year of ARC contributions. #bbdistress
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Question: Is there a plan to compromise the outstanding debt? Dillon: No. #muniland #bbdistress
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Dillon: If an EM is in job more than 12 months he’s not doing job. Will give Detroit 18 months because it’s more complicated. #bbdistress
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Fung: no options off the table: p3, monetization, consolidation. #bbdistress #muniland
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Fung hints he may have more negotiating success to report soon. #bbdistress #muniland
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Fung: RI's funding improvement plan process flawed bc it "has no teeth." #bbdistress #muniland
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Fung: Cranston negotiated agreement with its unions but still needed state enabling legislation. #bbdistress #muniland
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Fung: we must fix not only legacy costs but also broken tax structure. Can't keep doing like we've always done. #bbdistress #muniland
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Fung: he had to overcome RI's reputation as worst in nation for business friendliness. #bbdistress
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Fung: there's a lot of doom and gloom, but I am optimist. Lots of folks making tough choices. #bbdistress
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Looking forward to hearing from #cranston Mayor Fung who's been fighting tough fight in his city. #bbdistress #muniland
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