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Sneed: Rahm scrambles to salvage CPS bond deal

Chicago Mayor Rahm Emanuel. | AFP/Getty Images

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The mayor is manic.

In a desperate attempt to salvage the huge Chicago Public Schools bond deal, which was postponed last week in an attempt to ease massive school debt, Sneed is told Mayor Rahm Emanuel is begging large bond investors to come back to the table.

“The mayor has been on the phone calling major Chicago investors and plans to head to New York next week to meet with major bond houses after his failure to refinance massive school debt last week,” a top Sneed source said.

“The mayor claims this was a postponement when they put off the $875 million CPS bond deal last week, but it was a resounding failure,” the informed source said. This kind of thing happens very rarely. Emanuel claims this was routine, but it was not. This so-called postponement was not about breathing room. Investors fear a risk of bankruptcy despite record-high interest rates being offered.”

• Backshot: The Chicago Public Schools on Wednesday claim they abruptly put off $875 million in borrowing needed to ease its financial crunch amid signs it would pay a heavy price — in the form of record-high interest rates — to attract investors.

Chicago’s Chief Financial Officer Carole Brown and CPS financial chief Ron DeNard tried to put the best possible face on the decision to postpone the bond sale one day after a preliminary interest rate of 7.7 percent was sent to investors — insisting they hadn’t failed in losing access to credit markets — just a delay intending to give investors more evaluating time.

And I guess I’m the Queen of Romania?


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Top tip . . .

Sneed is told outgoing Choose Chicago tourism chief Don Welsh, whose abrupt departure spurred rumors Choose Chicago Board Chairman Desiree Rogers was Mayor Rahm Emanuel’s hush hush choice to fill the post when Welsh’s contract was up in June, has been asked by Emanuel to stay on until the NFL draft is complete in May.

$$$ . . .

AmBush ’em! Wonder just how many reporters are going to collect on that $20 bet GOP presidential hopeful Jeb Bush made with them that Donald Trump would change his mind and appear in the televised Fox Network debate — despite the Donald’s decision to cancel due to his pity party pout session with Fox star Megyn Kelly.

The Madigan file . . .

Ring. Ring.

Powerful House Speaker Mike “Tuff & Gruff” Madigan has a hangup when it comes to doing business in the age of technology.

• Translation: A man of few words, Madigan eschews the use of a cellphone and a personal computer, preferring talking while walking.

Now you know.

There ya go.

The love lane . . .

Downton Blabby: By now you know Lady Gaga and “Chicago Fire” beau Taylor Kinney are getting married. But did you know Lady Edith Crawley, aka actress Laura Carmichael who plays Lady Mary’s imperious sister, has actually fallen in love with actor Michael Fox, who plays a family man servant in the hit PBS TV series, have actually fallen into the love blossom in real life?


I spy . . .

Chicago White Sox third basemen Mike Olt and Chicago Cubs pitcher Justin Grimm — once Cubs teammates — dined at Harry Caray’s Italian Steakhouse in Lombard on Thursday night.

Sneedlings . . .

Saturday’s birthdays: Christian Bale, 42; Kid Cudi, 32, and Dick Cheney, 75. . . . Sunday’s birthdays: Justin Timberlake, 35, Kerry Washington, 39, and Portia de Rossi, 43.

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