Courtesy Citybizlist – Fortune Magazine writer Katie Benner penned a recent article headlined, “Baltimore: the city that sues the banks.”
She was trying to ascertain the impact of the Libor scandal (where some banks are alleged to have manipulated interest rates) on cities and municipalities.
“One might think that low rates would help a borrower, just as they help a mortgage or credit card holder, but in this case the opposite is true. Baltimore is not a rich town. The triple punch of the credit crisis, housing crash, and recession has forced the city to choose. Fire departments or afterschool programs? Police or libraries? As the first municipality to seek reparations in response to this alleged scheme, Baltimore was my destination to see how the Libor scandal was playing out.”
It is a maundering article that portrays Baltimore as a dilapidated city inhabited by mostly clueless people.
During her trip here, she met with city councilman Nick Mosby, who drives her around Druid Hill Park in his BMW before taking her to Mondawmin Mall so that she can discuss the impact of Libor in interviews with (I am not making this up) a canvasser, “a floor technician, an out-of-work garbageman, a librarian at Johns Hopkins University … a woman at the Post Office …. a man working at a mobile HIV/AIDS testing unit, a bartender, a man with the name CANDACE tattooed across his throat, and a woman on her way to church.”
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