One useful way to break down the research and investigative reporting about Wall Street’s bilking of American cities is to establish a “before Bhatti/after Bhatti” marker. Prior to Saqib Bhatti‘s groundbreaking Dirty Deals report, many reporters and activists had been digging up and promulgating incidents of big banks and finance leading governments into risky projects, overcharging for financial services, or the plundering of pension funds. But Bhatti’s report, produced by the Roosevelt Institute, was thoroughgoing, comprehensive, and focused and specific.

Bhatti’s report came at the same time that the Chicago Tribune released a damning three-part report on Chicago Public Schools’ disastrous bonds losses. In late 2014, a picture emerges of widespread predatory dealing on the part of big private finance, with cities and counties in the cross-hairs because, with a public mandate, municipalities are more vulnerable to promises of providential yield.

The best readings, the ones I’ve gathered from a variety of subtopics, explain the mechanics of financial fees, risky investments (eg interest rate swaps), and pension issues (the latter could be a separate article and probably should be). Many […]