NEW YORK— Susan Bernardo trusted her stockbroker. Her broker, David Harris, advised her to sell $400,000 worth of relatively safe municipal bonds, she says, and sink the proceeds into real estate and energy partnerships in hopes of earning more income. "I thought,' OK, someone is watching over me,'" says Bernardo, now 57, of Wantagh, New York.» Read More
SHANGHAI, Oct 21- A draft document circulated by China's Ministry of Finance on local government debt proposes letting them issue bonds to replace borrowings taken through opaque financing vehicles, according to people who have seen the draft. This lending was originally encouraged by Beijing to stimulate the economy and offset the impact of the 2008/ 2009...
NEW YORK, Oct 17- U.S. states and cities are urging regulators to let banks treat municipal bonds as liquid assets, arguing in a letter that munis are among the safest investments and "highly tradeable." "We urge your agencies to amend your recent decision to not treat municipal securities as High Quality Liquid Assets," said a letter, dated Oct. 16 and signed by...
Morgan Stanley's Gary Kaminsky discusses the panic at Wednesday's market open, saying municipal bonds have remained the best asset class.
NEW YORK, Oct 10- Puerto Rico paid a steep price to complete a $1.2 bln short-term financing deal on Friday as bonds of the indebted commonwealth slipped to a three-month low and recent data showed the economy and tax revenues remain weak. Puerto Rico paid an interest rate of nearly 8 percent to borrow from a syndicate of banks until next June, the commonwealth's...
NEW YORK, Oct 9- Moody's "manipulated" public pension data in a way that has presented an excessively bleak picture of the $3.7 trillion sector, an advocacy group for state pension funds said in a hard-hitting open letter to the ratings agency. The letter, dated Oct. 8, follows the publication of a report by Moody's last month that claimed public pension liabilities...
DETROIT, Oct 6- Detroit may take years before fully functioning as a city, its mayor said on Monday as he gave a tepid blessing to the plan for ending the city's historic bankruptcy. Mayor Mike Duggan was the last witness called by Detroit's attorneys, who then rested the city's case in a U.S. Bankruptcy Court hearing on the plan to adjust $18 billion of debt.
In a wide-ranging conversation, Bogle held forth on the Federal Reserve, hedge funds, and how individuals can "own their age."
The Detroit City Council on Thursday unanimously approved a plan to transfer daily operations to elected officials.
Municipal bonds will no longer be part of the easily sellable assets that banks can use to show they are able to survive a credit crunch.
Wall Street is dipping back in to the junk bond market after the rout in high-yield corporates resulted in record outflows just a week ago.
Securities regulators have filed fraud charges against the state of Kansas, alleging offering documents failed to disclose risks to investors.
NML Capital Ltd said the government refused to negotiate through a mediator and was all but preparing to default on already restructured debt.
Moody's downgraded the general obligation bonds of Atlantic City, New Jersey to "junk," citing the casino town's declining tax base.
Momentum is building toward a deal that would make painful losses inevitable for investors holding about $20 billion in Puerto Rican bonds.
Fed Chair Janet Yellen explains why she thinks it would be a terrible mistake for the Fed to apply specific mathematical rules to inflation and employment.
A crucial referendum looms in Detroit, as a clutch of creditors decide whether to approve a plan that would cut the cash-strapped city's debt.
Mutual funds that hold municipal bonds in Puerto Rico are suing the commonwealth over its newly passed law dealing with bankruptcy.
Moody's upgraded its rating on California's general obligation debt, citing the state's improving financial position and employment growth.
New York Fed President William Dudley warned Puerto Rico about its growing debt load.
A settlement has been reached in Detroit's historic bankruptcy case over the treatment of unsecured limited-tax general obligation bonds.