Asia Follows Wall Street Sell-Off on 'Taper' Fears
Municipal Bonds
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Intelligence officials continue to testify on Capitol Hill, reports CNBC's Eamon Javers, with the latest details from the NSA hearing. And Fast Money traders Stephen Weiss and Simon Baker debate whether U.S. Steel is poised to rebound. Also Alexandra Lebenthal, Lebenthal & Company president & CEO, shares her strategy on rising interest rates.
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DETROIT, June 14- Detroit said on Friday it would stop making payments on some of its about $18.5 billion debt, which would put it in default, and the "insolvent" city called on most of its creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in U.S. history.
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James Hohman, Mackinac Center for Public Policy, discusses the situation in Detroit and how it may deal with the unfunded healthcare and pensions that are crippling the city.
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DETROIT, June 14- Detroit defaulted on some debt on Friday and proposed that creditors take a drastic cut in the money they are owed by the "insolvent" city in order to avoid the largest municipal bankruptcy filing in U.S. history.
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DETROIT, June 14- Emergency manager Kevyn Orr said Detroit will stop making payments on some debt, including one scheduled on Friday, and proposed debt holders take a drastic cut in the money they are owed to stave off the largest municipal bankruptcy filing in U.S. history.
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DETROIT, June 14- Detroit's emergency manager on Friday called for "shared sacrifice" among all the city's creditors and said payments on certain outstanding bonds would stop immediately.
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June 13- Standard& Poor's Ratings Services on Thursday revised the rating outlook on Detroit's senior and second-lien sewage revenue bonds to negative from stable due to concerns over debt service coverage levels.
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CNBC's Rick Santelli talks with Matt Fabian, Municipal Market Advisors, about whether now is the time to buy municipal bonds, and where to avoid risk.
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The topsy-turvy world of today's financial markets is upending what many people thought they understood about how to pay for life after work.
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June 6- The Internal Revenue Service is challenging the tax-free status of municipal bonds issued for infrastructure at The Villages retirees development in Florida, a ruling that may affect hundreds of other sellers of so-called dirt bonds.
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BIRMINGHAM, Ala., June 5- Alabama's bankrupt Jefferson County aims to sell $1.89 billion of municipal debt in late 2013 as part of a bankruptcy-exit plan that will hand historic losses to Wall Street banks and other investors, a lawyer for the county said on Wednesday.
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Richard Ravitch, former Lieutenant Governor of New York, and Alan Schankel, Janney Montgomery Scott, discuss if revenue surpluses in some states provides an investment opportunity in municipal bonds.
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Laurence Gottlieb, CEO and founder of Fundamental Advisors and CNBC-YPO Chief Executive Network member, highlights the differences between the municipal bond market and other debt markets and says that munis offer a lot of opportunities.
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*Jefferson County deals include haircuts for JPMorgan, others. BIRMINGHAM, Ala., June 4- Creditors holding most of the massive sewer debt that bankrupted Alabama's Jefferson County have agreed to deals that could help end the largest U.S. municipal bankruptcy, with JPMorgan Chase& Co agreeing to a $842 million "haircut."
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Meredith Whitney of Meredith Whitney Advisory Group sees a migration away from the coasts to the middle of the country, to states rich in commodities—such as Texas, Louisiana, and North Dakota.
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CHICAGO, June 3- Illinois' lowest-among-states credit rating took a new hit on Monday as Fitch Ratings downgraded the state's credit just days after Illinois lawmakers left the state capitol last week without addressing a huge public pension funding crisis.
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SAN FRANCISCO, May 31- Fresno and Hercules residents will vote June 4 on ballot measures that indicate how far some of California's ailing municipalities must go to fix their wobbly finances. In Fresno, a city of 500,000 in the state's Central Valley, Mayor Ashley Swearengin is seeking support for a measure to privatize residential garbage collection.
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NEW YORK, May 30- Brokers who fail to warn their clients about the risks of bond investing may find themselves facing regulatory ire and legal actions in the future, compliance experts say. The Financial Industry Regulatory Authority is sounding alarms about the possibility of plunging bond values as the economy recovers and interest rates rise.
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Discussing what budget increases for 47 states means for municipal bonds, with Peter Hayes, Blackrock.
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The tax-advantaged college-savings plans now house $168.5 billion of our hard-won dough. But not everyone is sold on the idea that 529s are the only way to go.
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The city settled without admitting or denying the SEC allegations. Because the city loaned proceeds from the first offering to a private developer and restructured a lease agreement related to the parking structure before the second sale, it put the tax-exempt status of both bond deals in jeopardy, the SEC said.
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