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

Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.

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

Canada vs. Kamala: Whose Liberal Housing Platform Comes Out on Top?
As Canada votes for a new Prime Minister, what can America learn from the leading liberal candidate of its neighbor to the north?

Washington State’s Parking Reform Law Could Unlock ‘Countless’ Acres for New Housing
A law that limits how much parking cities can require for residential amd commercial developments could lead to a construction boom.

Wildlife Rebounds After the Eaton Fire
Following the devastation of the Eaton Fire, the return of wildlife and the regrowth of native plants are offering powerful signs of resilience and renewal.

LA to Replace Inglewood Light Rail Project With Bus Shuttles
LA Metro says the change is in response to community engagement and that the new design will be ready before the 2028 Olympic Games.
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.
Central Transportation Planning Staff/Boston Region MPO
Heyer Gruel & Associates PA
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions