Word: bondses
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-- Horrified the holders of more than $1.5 billion of the county's municipal bonds, who may face big losses on their investments.
The only solution may be to bring in private capital from abroad by floating stocks and bonds, and Western bankers are ready to help. Says Ray Spitzley, executive director of Morgan Stanley Asia in Hong Kong: "China has evolved into a credit-worthy country that can tap world markets." Maybe...
Orange Countians were eager to pin it all on Citron. So conservative after hours that he preferred to keep his own money in bank accounts, Citron was nonetheless known throughout California as a high-rolling wizard when it came to public money. In 1979 Citron helped change a state law...
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...
While municipal finance may seem dry and abstract to the uninitiated, the pain of bad bets can be highly tangible. Rocked by $115 million in losses on its leveraged investments in bonds and other securities, Cuyahoga County, which includes Cleveland, Ohio, said last week it was slashing 11% from all...