Published on 14 May 2017
Josh Sigurdson talks with author and economic analyst John Sneisen about the recent development out of Connecticut as the state capital prepares for bankruptcy amid collapse in hedge fund revenue.
As John says, why are governments mixed up in hedge funds? Hedge funds are meant to screw people over… Oh wait, now it makes sense.
New figures show tax revenue from the state’s top 100 highest-paying taxpayers declined 45% from 2015 to 2016.
As Zero Hedge reports,
“the Hartford Courant reports that city leaders in the state’s capital have taken a step toward bankruptcy, soliciting proposals from law firms that specialize in Chapter 9…
Facing a $65 million deficit next year and a $14 million shortfall this year, Mayor Luke Bronin has hinted for months that Hartford could file for bankruptcy, and said during his budget release in April that he was “not in a position to rule anything out.””