Tag:
municipalities
Latest Headlines
Latest Headlines
Muni bond market on the mend
We've read a lot about the dire state of local finances, and Meredith Whitney's prediction of doom-and-gloom in the muni bond market generated lots of media around December.
But can it be that the market is actually on the mend?
Whitney's controversial research predicted a wave of defaults
IRS files lien against Goldman Sachs partnership
Goldman Sachs Mitsui Marine Derivative Products--a partnership Goldman set up to trade derivatives as part of deals with various municipal entities--has been hit with a tax lien worth $1.5 million by the IRS, Reuters reports. The lien stems from unpaid taxes that accrued in 2009.
The IRS m
Meredith Whitney criticized for municipal weakness report
Meredith Whitney made news recently for her bearish views on the weakness of municipal finances, which she predicts could result in a raft of defaults. In fact, she expects there will be between 50 and 100 "significant" municipal bond defaults in 2011, wreaking massive carnage to the tune of "hund
Banks criticized for Build America Bonds practices
The controversy over Goldman Sachs' ability to charge high fees for underwriting Build America Bonds ( Build America Bonds news) has been overshadowed by other news as of late.
Recall that the firm was criticized by states and municipalities who paid it "an average 37 percent more to in
Muni bond consultant ripe for reform?
The New York Times offers an interesting update on the issue of muni bond consultants, and whether they are, well, a bit out of control. A handful of these guys pitch all sorts of arcane financial products at municipalities and rake in lots of fees, even as some of these strategies blow up.
New CP facility announced by Fed; States next?
Just in time. That's what a lot of people feel. Put another way: Whew! The credit crisis had progressed to the danger point: companies were having nerve-wracking difficulty issuing commercial paper, threatening to really slow some bigger companies. The economic rubber was starting to hit the r
On tap: Pain for cities
In this credit crunch, corporations and consumers have gotten all the attention. But the credit crisis is also a really worrisome event for cities and municipalities. Consider Jefferson County, AL. It is on the verge of defaulting on an $84 million interest payment on its $3.2 billion in bond debt
Rating agencies sued by Connecticut
It's no secret that credit ratings agencies rate municipal and corporate debt differently. Moody's has admitted as much. Exactly why they do this vexes some--including Connecticut state attorney general Ralph Blumenthal. He has sued Standard & Poor's, Moody's and Fitch, charging them with unfa
A way to end the auction rates securities mess?
It's so easy to forget about the auction rate securities mess. But the fact remains that more than $300 billion remains tied up in this near-frozen market. Issuers, lots of municipalities and nonprofits cannot forget about any of this. A New York Times column notes that Wall Street firms have
