SEC Says Harrisburg, Pa., Misled Bond Investors

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#1
http://abcnews.go.com/US/wireStory/sec-harrisburg-pa-misled-bond-investors-19118922
The U.S. Securities and Exchange Commission says it's settling new charges that Pennsylvania's capital city provided bond investors with "incomplete or outdated" information about its troubled finances.
The SEC says the charges announced Monday against Harrisburg represent the first time a municipality has been accused of misleading statements made outside of securities disclosures. It says the city made misleading statements in a budget report, financial statements and "state of the city" address.
The SEC cites Harrisburg's cooperation in the investigation and work to create new disclosure procedures. Mayor Linda Thompson says she's committed to ensuring the city provides accurate and complete information about its finances.
Harrisburg is currently operating with a state-appointed receiver as it struggles with a massive debt and has trouble paying its day-to-day bills.
Linda Thompson should be in jail. She's a fucking moron.
 

BIV

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#2


/Does not approve.
 

VMS

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Linda Thompson is dumber than dirt, but Stephen Reed was responsible for this particular situation. And honestly, for the current state of Harrisburg's finances.

My analysis is that the most brilliant political operator in history vs the worst political operator in history as the mayor of Harrisburg since 2010 would get Hburg ahead by about 5%. The city is just fucked up the ass by that old fudgepacker. Reed did a lot of great things, but he left the city holding one hell of a bag of shit, financially.

That said, Thompson is doing her damndest to make things worse. It's just that things are so shitty, they can't actually get any worse.
 

Psychopath

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#4
Linda Thompson is dumber than dirt, but Stephen Reed was responsible for this particular situation. And honestly, for the current state of Harrisburg's finances.

My analysis is that the most brilliant political operator in history vs the worst political operator in history as the mayor of Harrisburg since 2010 would get Hburg ahead by about 5%. The city is just fucked up the ass by that old fudgepacker. Reed did a lot of great things, but he left the city holding one hell of a bag of shit, financially.

That said, Thompson is doing her damndest to make things worse. It's just that things are so shitty, they can't actually get any worse.
She is possibly the worst mayor in this whole country.
 

Hudson

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#5
I hadn't been in Harrisburg in over 15 years..went out there last week....What a shit hole it has become. Scranton is not far behind it.
 

CousinDave

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I went to grad school in Harrisburg in the late 90's I hated the place then but it wasn't that awful so long as you avoided the black places now its just another decaying city that needs to die a natural death
 

VMS

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She is possibly the worst mayor in this whole country.
Oh, I'm not arguing that. I just don't think that she made the situation much worse than what the best mayor in the country could have done. Reed left Harrisburg in something of a pickle.

I went to grad school in Harrisburg in the late 90's I hated the place then but it wasn't that awful so long as you avoided the black places now its just another decaying city that needs to die a natural death
Penn State Harrisburg? That's not even technically in Harrisburg, man...

Harrisburg has a lot of potential. It really, really does. It's just been managed so badly, been infected with so many of the problems of a major urban center while being nothing more than a largish town, it's just a shithole. Every place has a spectrum of possibilities. How bad it can get, how good it can get. Harrisburg, as a capitol city, has a better "this is as bad as it can get" than most cities. A place like Detroit, after all, can end up so bad it'll be completely empty. Harrisburg, as a state capitol, can't get that bad. OTOH, Harrisburg seems to spend its entire existence 2 inches above that "this is as bad as it can get" point.

The things I imagine I could do if I had real power and could seriously change things in that shithole of a city... The potential is all there. It really, really is. Then again, I probably couldn't do jack there. Harrisburg, and some of the surrounding places like Middletown, are infected with an "oh, that's good enough to get by" attitude. There's nobody and nothing there that's striving for any kind of excellence.
 

CousinDave

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#9
Penn State Harrisburg? That's not even technically in Harrisburg, man...
Widener's law school in in Harrisburg (they also have one in DL)

Harrisburg has a lot of potential. It really, really does. It's just been managed so badly, been infected with so many of the problems of a major urban center while being nothing more than a largish town, it's just a shithole. Every place has a spectrum of possibilities. How bad it can get, how good it can get. Harrisburg, as a capitol city, has a better "this is as bad as it can get" than most cities. A place like Detroit, after all, can end up so bad it'll be completely empty. Harrisburg, as a state capitol, can't get that bad. OTOH, Harrisburg seems to spend its entire existence 2 inches above that "this is as bad as it can get" point.
from a geographic point alone, it should be a booming city in any economy - proximity to 3 major cities with a couple of hours, highways, river, etc....
 

VMS

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Widener's law school in in Harrisburg (they also have one in DL)
Cool.

from a geographic point alone, it should be a booming city in any economy - proximity to 3 major cities with a couple of hours, highways, river, etc....
All the warehouses and truck stops in Carlisle? Could be in Harrisburg.
All the insurance companies in Camp Hill? Could be in Harrisburg.
Troegs Brewery was in Harrisburg. Their warehouse is still there, but they moved their brewery out to Hershey (which isn't exactly super-business friendly, but still...).
There are three excellent school districts in Central PA. Cumberland Valley, Camp Hill, and Derry. All are on the outside edges, while Harrisburg is the rotten core.

A lot of that is local attitude, yes. There's little to no drive, ambition, desire to do more and better. One (alcoholic fat white girl who fucks black dudes stereotype) tenant of mine refers to her mother and stepfather in NJ as "rich" because they can afford to chip off $500 a month to her so her boyfriends don't pimp her out. Oooooooooh.

I'm actually happy so many are moving out of the city. And my income is based on the city being overpopulated, mind you. When the city gets down to a manageable population, maybe it can be turned around.
 

VMS

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#11
So, Linda lost the Democratic primary for mayor of Harrisburg. The guy who won? A bookstore owner. A man smart enough, in 2013, to own a brick and mortar bookstore.

Harrisburg is so fucked.