Municipal Bonds
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HARRISBURG, Pa.-- Pennsylvania's debt-laden capital city will have a new mayor next year, but he could have little role in sorting out the pressing financial problems that dragged Harrisburg to the brink of bankruptcy after an unprecedented takeover by the state.
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HARRISBURG, Pa.-- Pennsylvania's debt-laden capital city will have a new mayor next year, but he could have little role in sorting out the pressing financial problems that dragged Harrisburg to the brink of bankruptcy after an unprecedented takeover by the state.
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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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Alexandra Lebenthal, President and CEO of Lebenthal & Co, provides a strategy for investors to bank profits when the Fed begins winding down its bond-buying policies.
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There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.
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DETROIT, May 19- Bond restructurings, negotiated settlements with bondholders and bond insurers, and tough talk with unionized workers are on the agenda as Detroit's emergency financial manager tries to meet a self-imposed, six-week deadline to decide whether the city can get through its financial crisis without a bankruptcy filing.
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Martin Kanefsky, who was the chief of the now-defunct Kane Capital Strategies Inc, pleaded guilty in April 2010 to fraud and conspiracy charges related to his role in a scheme to manipulate bids for investment agreements and municipal finance contracts. Among those convicted were bankers who worked at General Electric Co, UBS AG, JPMorgan Chase& Co.
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Martin Kanefsky, who was the chief of the now-defunct Kane Capital Strategies Inc, pleaded guilty in April 2010 to fraud and conspiracy charges related to his role in manipulating bids by others from 1999 to 2006.. Among those convicted were bankers who worked at General Electric Co, UBS AG, JPMorgan Chase& Co.
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NEW YORK-- A look at the 10 biggest volume decliners on New York Stock Exchange at the close of trading:. Blackrock Florida Municipal Bond Trust: Approximately 1,400 shares changed hands, a 81.6 decrease from its 65- day average volume. The shares fell$. 05 or. 3 percent to $15.86.
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May 13- Michigan's biggest city is "clearly insolvent" and needs to restructure its debt and renegotiate its labor contracts to address its problems, Detroit's emergency financial manager said on Monday.
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DETROIT, May 12- Six weeks into his work as Detroit's emergency manager, former bankruptcy lawyer Kevyn Orr has found the city's finances in worse shape than expected, with long-term debt at $15 billion, $2 billion worse than figures disclosed before he took the job.
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*U.S. seeks minimum 19-1/ 2 years prison for Gary Heinz. The government said Gary Heinz deserves the biggest punishment, and should spend at least 19-1/ 2 years in prison. It also said former global head of commodities Peter Ghavami should serve at least 17-1/ 2 years, while defendant Michael Welty deserves at least 11-1/ 4 years.
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NEW YORK, May 07 Fitch Ratings has affirmed the Long-term Issuer Default Rating and Short-term IDR of First Republic Bank at' BBB+' and' F2'. The Rating Outlook remains Positive. These strengths are balanced against earnings headwinds and a geographically concentrated loan portfolio with approximately 50% loans in the San Francisco area.
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May 7- Alabama's Jefferson County will brief a federal judge on Thursday on its progress toward exiting from bankruptcy, as the county appears likely to become the first big U.S. local government to impose losses on bondholders since the 1930 s.
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WASHINGTON, May 7- Moody's Investors Service said on Tuesday that the number of defaults among the U.S. municipal bonds it rates has risen since the financial crisis but still remains low.
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May 6- Puerto Rico business groups and some municipal governments are teaming up against a proposed $1 billion overhaul of a sales and use tax that is a key component of a budget proposal meant to cut a large deficit in the debt-ridden economy. Puerto Rico's debt is one of the riskier alternatives in the $3.7 trillion U.S. municipal bond market.
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Harrisburg, which is under state receivership after its finances became mired by a scheme to upgrade a trash incinerator, agreed to settle the charges without admitting or denying the findings, the SEC said. The SEC said It was the first time it has charged a municipality for making misleading statements outside of securities disclosure documents.
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Harrisburg, which is under state receivership after its finances became mired by a scheme to upgrade a trash incinerator, agreed to settle the charges without admitting or denying the findings, the SEC said. The SEC said It was the first time it has charged a municipality for making misleading statements outside of securities disclosure documents.
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*SEC says charges city of Harrisburg, Pennsylvania with securities fraud. *SEC accuses Harrisburg of issuing misleading public statements when its. *SEC says Harrisburg has agreed to settle charges, and agreed not to commit.
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NEW YORK, May 3- Top investment firms such as Franklin Templeton and Oppenheimer have funds that still hold significant amounts of high-yielding Puerto Rican municipal bonds, despite risks inherent in the Caribbean island's economy.
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May 2- U.S. municipal bond funds reported a jump of net outflows to $391.3 million in the week ended May 1 from $102 million of outflows during the previous week, according to data released by Lipper on Thursday. Funds reported $73.6 million of net outflows in the week ended May 1 compared with $86.2 million of net outflows in the week ended April 24.