Joe Giarrusso says Moreno's move to stabilize the city’s finances by selling the city's future rent payments from Caesars Casino is genius

The latest development is that New Orleans leaders have unveiled a plan to bring in just over $100 million in immediate cash to help stabilize the city’s finances, and it’s moving quickly toward a City Council vote next week. The money is expected to come from a deal involving future lease payments from Caesars casino. Instead of waiting to collect that rent over the next nine years, the city would sell those future payments upfront to a financial institution at a discount. In return, the city gets roughly $103 million in cash now. Joe Giarrusso, Chief Administrative Officer for New Orleans, joins Newell to talk about it.