Fore! The Muni Financials
A lot to digest but the number that leaps out is the equity figure: it’s negative; not hugely negative — $55K negative– but still a negative equity technically means balance sheet insolvency. So if Muni were a bank we’d have to bail it out. The ’09 figure also shows a negative equity figure.
Also the liabilities and equities between ’07 and ’08 shift radically; I can’t find any explanation but it strikes me as quite odd for such extreme shifts. I’m not leaping to any conclusions until I understand the numbers a bit more; I suggest likewise for other readers.
Like I said, a lot to digest but the level of thought and analysis by the students is quite impressive. Given the level of detail and analysis, I’ll need some time to work through it so I’ll post salient points over the next few days.
Of course we will get the sideshow of political theater around this report but the students have literally done their homework and quite well at that. Game on.
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