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Kudos to Kenney
Submitted by D.E. II on Thu, 06/28/2012 - 5:20pm.
HEY, BIG BANKS, Philadelphia wants its money back!
After financial agreements called interest-rate swaps went south along with the economy a few years back, the city and the Philadelphia School District had to fork over millions of dollars to major banks to sever the deals.
This spring, the city retained an outside law firm to examine whether to file a lawsuit. The move followed a resolution that Councilman Jim Kenney introduced in March calling for hearings to investigate interest-rate swaps.
Looks like some civil disobedience goin' on.
http://www.youtube.com/watch?v=vaB8pyHLn3s&feature=player_embedded
On those Kudos to Kenney
It's nice that he's going to convene an investigation into the interest rate swaps. And that he's encouraging a lawsuit. But I've never seen him do anything that big business in Philly doesn't want. So we'll see if these hearings, and that lawsuit -- if it happens -- lead to anything significant. I tend to doubt it. In the realm of "actions speak louder than words" Kenney just cast one of the deciding votes in the repeal of the Cohen low-income wage tax credit. He will spin a lot of words about interest rate swaps. But we also know what he just did to screw the working poor.
Out of fariness -- since I gave Kenney a hard time on YPP
in the past (before he abandoned the site immediately after the election, that is), I felt that I should give him kudos here for his initiative.
No, problem, D.E. II . . .
Kenney should get credit for what he does right, but I also wanted to put his actions in a fuller perspective.