BLOOMBERG: Stephen Reed, Harrisburg’s mayor for 28 years, pushed Pennsylvania’s capital into insolvency as the more than $500 million in bond deals he oversaw to finance community development drained city coffers…
Borrowing for one of his earliest plans, the Susquehanna River dam, opened the door to bankers seeking lucrative financing fees, said John Brinjac, a former Reed campaign manager and chief executive officer of Harrisburg-based Brinjac Engineering Inc. The company has worked for the city.
“You had a lot of investment-banking guys, financial managers, bond counsel people swarming over the city,” he said… (more)
