Semester of Graduation
Spring
Degree
Master of Arts (MA)
Department
History
Document Type
Thesis
Abstract
Just thirteen years after its inception in 1974, the Louisiana Public Facilities Authority (LPFA) was the fifth largest issuer of tax-exempt bond in the nation. As a public trust, the LPFA operated as a municipal authority that fell outside the purview of the state. The lack of oversight nurtured the optimal environment for financial mismanagement and self-dealing. When placed within the larger political context, the LPFA and other public trusts can be seen as public instruments often used for private gain. As trustees, bondsmen, and attorneys collected generous per diem and fees, pools of funds designated for the public went unused. Though the LPFA did accomplish good for the state, ultimately, the questions became, at what price? The same private interest that benefited from the LPFA, pumped money into local elections to curry political favor for the organization. The interplay between bondsmen, the LPFA, and the State—specifically the State Bond Commission—is referred to here as the “Bond Industrial Complex.” This thesis problematizes Louisiana’s public trusts, and, instead, argues they operate as private corporations while relying on the state’s tax-exempt powers.
Date
1-27-2025
Recommended Citation
Pinchback, Matthew S., "MERCHANTS OF DEBT: PUBLIC TRUSTS, POLITICS, AND PROFIT IN TWENTIETH-CENTURY LOUISIANA" (2025). LSU Master's Theses. 6090.
https://repository.lsu.edu/gradschool_theses/6090
Committee Chair
Roberts, Kodi
Included in
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