Word: bonding
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...fourth lesson is that you can lose money in foreign bonds, bond funds and money-market funds as fast as you can lose it in foreign stocks. You've got the same currency risk and market risk, but none of the upside if the market goes your way. So if you want to invest globally, you're better off in stocks -- Mexico's included...
John C. Salvi III, the 22-year old student hairdresser accused of killing two receptionists at abortion clinics in Massachusetts last Friday, was ordered held without bond today in Norfolk, Virginia, on charges of firing into an occupied building. Salvi allegedly killed the two women in abortion clinics in Brookline, Massachusetts on Friday and wounded five other people; the next day he was nabbed after he fired more than 20 shots into a Norfolk clinic, authorities say. No one was injured in that incident. Before his hearing on the Virginia charges later this month, Salvi will probably be extradited...
...bankruptcy also spread anxiety far beyond the borders of Orange County. Japanese investors sold off dollars and U.S. securities. Stock and bond prices swung down on Wall Street amid fears that other large municipalities might harbor high-risk investments. In Washington, Federal Reserve chairman Alan Greenspan told Congress that he was closely monitoring the situation in Orange County; meanwhile, the Commodity Futures Trading Commission launched a probe into some of Citron's trades in derivatives, which are volatile securities whose value is pegged to some underlying asset or market and which can magnify an investor's gains or losses...
Municipal bond holders around the country had more than the Orange County disaster to worry about. Greenspan's strong hint last week that the Federal Reserve will continue to push up interest rates heightened worries that more governments with overleveraged portfolios heavily based on interest-rate bets could be forced to default. Already this year, derivatives have produced a bitter legacy: such disparate groups as the State of Florida, the University of Minnesota and a Shoshone Indian tribe have reported financial hits from these risky securities. "I think there will be more ((crises)) coming through the pipeline," asserts Dick Larkin...
Facing losses of at least $1.5 billion in its investment portfolio, Orange County, California, declared bankruptcy. The announcement followed the resignation of county treasurer Robert Citron, whose high-risk investment strategies triggered the crisis. The greatest municipal bankruptcy in U.S. history, the disaster sent stock and bond prices tumbling...