While Chicago Approaches Bankruptcy: Aldermen Want to Know How Borrowing More Money Will Help Minorities

The Chicago Tribune reports on how Chicago needs to borrow $900 Million:

No aldermen asked Scott for specific details on why the city needed to double its limits on taking out “commercial paper,” a way to meet financial obligations over the short haul that is akin to an individual putting costs on a credit card.

“The commercial paper program allows us to fund capital and equipment needs on an interim basis between bond deals,” Scott said. “The program will ensure the city has liquidity for unseen needs, such as retroactive salary payments and (legal) judgments.”

The city still is in talks with the police and fire unions about contracts the expired in mid-2012. If those are settled, the city could end up owing perhaps hundreds of millions of dollars in back pay.

Many aldermen, however, did ask about how much minorities and women in the financial industry would benefit from the transactions.

“These transactions are the largest opportunities for people to make money off of government, and so we want to make sure that everybody is included,” Ald. Walter Burnett, 27th, said. “It’s a lot of money. It’s enough for everybody. Folks should make sure everybody is included.”

The great moments of identity politics in the Democrat party.