Word: bondses
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The dollar has drawn added strength from foreign investors seeking a refuge from the uncertainties of their own countries. One leading U.S. banker estimates that wealthy Asians, Africans and Latin Americans have put at least $100 billion into American stocks, bonds, real estate and other investments since 1981.
There is a goofy nobility about these domestic scenes that leads one to ask: What do gorillas think about? Certainly not about making off with Fay Wray or Dian Fossey. Food, safety and building a nest for the night seem uppermost in those broad, sloping heads. Females in estrus have...
Defaults on tax-exempt municipal bonds like those issued on Whoops have been relatively infrequent and have usually involved smallish sums. Only 685 defaults have occurred since 1940, out of 301,016 municipal bond issues. In terms of money lost, each of the three largest were around one-twentieth the...
Until the Whoops debacle, the biggest bond defaults had come in the private sector. The Penn Central ran out of cash bonds June 1970, forcing it into what remains America's biggest bankruptcy: $3 billion in liabilites, including $1 billion worth of bonds.
Foreign bonds are riskier because it is difficult to force payment or arrange settlements. The Wall Street firm Carl Marks & Co. is still fighting a class-action suit against the People's Republic of China to recover losses from Hukuang Railroad bonds issued by the imperial Chinese government in...