Have you been following the recent Libor banking scandal with detached bewilderment? Well, your public officials should probably be paying close attention, because there's a chance it may have had a substantial impact on your city's finances.
A banking scandal out of England concerning the manipulation of the London interbank offer rate (Libor) by Barclays and other big banks has been making the news of late. We won't bore you with a detailed explanation of Libor, which is a measure of how much banks must pay to borrow money from one
another in the short term, but this handy infographic can help explain the scandal.
What's important to know is that, "Baltimore has been leading a battle in Manhattan federal court against the banks that determine the interest rate," and many other municipalities, pension funds and hedge funds may follow their lead, reports Nathaniel Popper.
According to Popper, "American municipalities have been among the first to claim losses
from the supposed rate-rigging, because many of them borrow money
through investment vehicles that directly derive their value from Libor.
Peter Shapiro, who advises Baltimore and other cities on their use of
these investments, said that 'about 75 percent of major cities have
contracts linked to this.'"
"If the banks submitted artificially low
Libor rates during the financial crisis in 2008, as Barclays has
admitted, it would have led cities and states to receive smaller
payments from financial contracts they had entered with their banks, Mr.
Shapiro said."
"'Unambiguously, state and local government agencies
lost money because of the manipulation of Libor,' said Mr. Shapiro, who
is managing director of the Swap Financial Group and is not involved in
any of the lawsuits. 'The number is likely to be very, very big.'"
FULL STORY: Rate Scandal Stirs Scramble for Damages

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Restaurant Patios Were a Pandemic Win — Why Were They so Hard to Keep?
Social distancing requirements and changes in travel patterns prompted cities to pilot new uses for street and sidewalk space. Then it got complicated.

Map: Where Senate Republicans Want to Sell Your Public Lands
For public land advocates, the Senate Republicans’ proposal to sell millions of acres of public land in the West is “the biggest fight of their careers.”

Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

San Francisco Suspends Traffic Calming Amidst Record Deaths
Citing “a challenging fiscal landscape,” the city will cease the program on the heels of 42 traffic deaths, including 24 pedestrians.

California Homeless Arrests, Citations Spike After Ruling
An investigation reveals that anti-homeless actions increased up to 500% after Grants Pass v. Johnson — even in cities claiming no policy change.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Heyer Gruel & Associates PA
JM Goldson LLC
Custer County Colorado
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Camden Redevelopment Agency
City of Claremont
Municipality of Princeton (NJ)