It turns out the Generation Greed bond in Poway, California that I wrote about here is not alone. I just followed a link to this from National Public Radio. “Look, there's no doubt that this has happened in dozens if not hundreds of school districts around California. I mean, we're already finding them; we've been sort of broadening our scope and we're actually publishing a piece today that shows three other local school districts that have very similar deals to Poway's. This is a multi,-multi-billion dollar issue across the whole of the state. Tens of billions of dollars of debt out there in this type of creative financing.”

What about New York, where these horrors are cooked up. Did some of our government entities snort our own supply? The MTA perhaps, or Nassau County, or the State of New York?