LIBOR, or the London Interbank Offered Rate, is the international index used for credit and interest transactions. Basic stuff really … accounting 101, assuming that you took that class – which :JA:, :ME:, and :EH: apparently skipped.
You see good friend, over in Lauderdale Lakes :JA2: put forth this great SunTrust note refinancing deal, all based on the LIBOR.[cleeng_content id=”352844409″ description=”Why stop now? It\’s just getting interesting!” price=”0.99″ t=”article” referral=”0.1″]And this great deal, is so great in fact, the city doesn’t even know what deal they are getting as (d) none of the above knew what LIBOR meant…
Jesus F***ing Christ people. Really?
Clue meet less.
Here’s how it went down.
:JA2: was questioned about LIBOR, to which he replied, “homo say what?” Right on clue, Assless Chaps then steps in, further clouding the already murky understanding of a Commission not known far and wide for its overall intellect.
So with two strikes, would they phone-a-friend and turn to their Finance Director?
Even they realized the fruitlessness of that.
Also, Allen indicated to the Commission if the SunTrust note was not refinanced by December 2012, the city would incur a penalty. Patently, candidly, and categorically not true. There’s only a penalty if you refinance.
The motion passed 5-1.[/cleeng_content]