Word: bondses
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The Project 4 and 5 bonds did not have the same kind of underpinning as the other securities. A change in federal rules passed by Congress in 1973 made it impossible for BPA to back the 4 and 5 bonds. Instead, they were supported solely by so-called take-or...
When the two plants were abandoned in early 1982, the people of the Northwest were enraged at the prospect of paying off the bonds through higher electric bills, with no hope of getting anything in return. Citizens' groups with such names as Irate Rate Payers and the Light Brigade...
Stunned Whoops bondholders grumbled about "hometown referees" who were making investors all over the U.S. pay for mistakes made by officials in the Northwest. Recalling the famous New York Daily News front page describing President Gerald Ford's refusal to bail out a financially floundering New York City, one...
As it is, the Northwesterners are not getting off unscathed. Their electric rates have already risen to pay for Projects 1,2 and 3. Moreover, their utilities will have to pay exceptionally high interest rates to raise capital in the bond market. At the moment, many investors are shunning bonds...
Chances appear slim that investors stuck with Whoops 4 and 5 bonds will ever recoup their losses. Says Bettie Fullmer: "The only people who are going to make money are the lawyers." Many victims have already sold the securities at a tiny fraction of their face value to speculators, some...