Making It Through to the Wallop
Well, RI General Treasurer Frank Caprio sold his $350 million in bonds today:
General Treasurer Frank Caprio announced today that the State of Rhode Island raised $350M from the sale of Tax Anticipation Notes (TANs).
Just over $25M was sold directly to Rhode Islanders. In a rare retail push of TANS, Bank of America and local brokers aided the sale, reporting substantial retail investor activity, despite the lower than expected yield. Given priority, Rhode Islander’s stepped up, with retail interest building momentum that was “felt by institutional investors,” according to trading desk reports.
We now return you to an inadequately alarmed tone of government. Thanks to Mr. Caprio, the General Assembly will get through the election without any major fires, leaving it free to boost our taxes once the ballots are all counted. They’ll probably do so largely by expanding the application of the sales tax, thus driving more business across the border and worsening the problem.