Philadelphia Mayor Preferred Negotiated Transactions

Cataldo, Adam L.
February 2005
Bond Buyer;2/25/2005, Vol. 351 Issue 32078, p4
Trade Publication
The article reports that a former Philadelphia city treasurer, Folasade Olanipekun, testified in federal court yesterday that Philadelphia sold its debt through negotiated transactions instead of competitive bidding as part of its policy of including minority-and women-owned firms on its bond teams. Olanipekun said that even though that borrowing method was more expensive for the city, it was Mayor John Street's policy to sell its bonds through negotiation because it allowed minority firms to compete against "majority" firms. While municipal bond participants have long debated the economic value of the respective underwriting methods, it is widely accepted that competitive bidding takes the politics out of awarding bond business to underwriters. Olanipekun said that policy also existed under the administration of former mayor and current Pennsylvania Governor Edward Rendell.


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