James Hertz, 56, pleaded guilty to wire fraud and conspiracy charges in 2010 and cooperated in a wide-ranging investigation of the $3.7 trillion U.S. municipal bond market. District Judge Kimba Wood in New York noted Hertz's cooperation with the government and his "unblemished" character aside from the crime in question.» Read More
CNBC's Rick Santelli speaks with Matt Fabian, Municipal Market Advisors, about the narrowing spread between the muni market and Treasuries.
Bloomberg reports Toronto must pay extra interest to the bond market in light of Mayor Rob Ford's continued antics and admissions.
Jeff Cox, CNBC.com finance editor, and Alexandra Lebenthal, Lebenthal & co-president and CEO, discuss the recent concerns surrounding municipal bonds and if a bond crises is looming.
CNBC's Scott Cohn reports on allegations of wide spread fraud in Miami are raising doubt about the safety of munis.
Miami is bouncing back from its foreclosure crisis, but CNBC's Scott Cohn reports the city is at the center of a 4-year SEC crackdown on municipal bonds. With the former budget director and city already being sued, the SEC is also looking into the Miami Marlins baseball stadium, which was mostly paid for by tax dollars.
The SEC has sued Miami and its former budget director for fraudulent disclosures, which they deny, reports CNBC's Scott Cohn.
NEW YORK, Nov 20- Investors in New York City's debt have had it good. He also has to cut a deal with city unions who are demanding up to $8 billion in retroactive pay increases as part of a new contracts that outgoing Mayor Michael Bloomberg has left for his successor.
NEW YORK, Nov 19- A U.S. appeals court on Tuesday questioned the convictions of three former banking executives at a unit of General Electric Co for being involved in a conspiracy to rig bids for contracts to invest municipal bond proceeds.
CNBC's Scot Wapner and Anthony Scaramucci, SkyBridge Capital, discuss why hedge funds like munis. Scaramucci predicts a lot more muni bond hedge funds will crop up.
Nov 14- Fitch Ratings said on Thursday it may soon strip heavily indebted Puerto Rico of its investment grade credit rating, threatening to tag the U.S. territory as the largest municipal bond issuer to date to tumble into junk bond territory.
Meredith Whitney's new hedge fund strategy echoes her controversial—and so far incorrect—2010 call about an impending wave of municipal bond defaults.
The question of whether the city bargained in good faith with unions is key to a judge's decision on whether Detroit is eligible to restructure its finances under bankruptcy law.
Municipal bonds issued for bankrupt American Airlines that once traded for less than 20 cents on the dollar have taken flight over the past year, scoring big-ticket gains for a handful of U.S. municipal bond fund managers.
Nov 12- The deal American Airlines and U.S. Airways Group struck to sell gate slots at half a dozen airports in exchange for government clearance for a merger could lift a cloud that has hung over a popular corner of the municipal bond market since late summer.
The increase came from a blizzard of small trades- the average trade size was $281,833 in the third quarter, compared to $334,372 in the third quarter of 2012. When measured by par amount, trading rose only about 4 percent to $825 billion in the third quarter.
Jim Lebenthal, Lebenthal Asset Management president, explains his muni bond strategy and says where his investors have their money.
Nov 11- U.S. municipal bonds issued by Chicago held up in light trading on Monday even as the city's debt suffered another triple-notch ratings downgrade on mounting concerns about its public pension liabilities. It also cut $497.3 million of Chicago's sales tax bonds to A-minus, and $200 million of commercial paper notes to BBB-plus.
Spillover effects after Chicago's downgrade are expected to remain minimal, but muni bond investors may be feeling nervous that there are other shoes to drop.
Nov 8- Two insurance companies that guaranteed payments on Detroit's voter-approved general obligation bonds sued the city in U.S. Bankruptcy Court on Friday over its Oct. 1 default on $9.37 million in payments due to bondholders.
Piper Jaffray& Co, the bank that arranged the sale of the $41.8 million of bonds in 2008 and one of the largest underwriters in the $3.7 trillion municipal bond market, was also fined $300,000, the SEC said. The developer, its former president and the top banker on the deal were also fined, and a district staff member was rebuked, the SEC said.