Word: bondses
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President Ford claims that federal subsidies to New York and other cities would make them unresponsive to investors in city bonds and thus irresponsible in their spending. But his analysis hardly touches on the city's responsibility to its people, a responsibility that the federal government should share. For years...
Useful steps in solving the city's future fiscal problems have already been made as the unforeseen result of the present crisis. The gap between the interests of the city's municipal unions and the interests of the city as a whole has been considerably narrowed by the commitment of...
Pan Am has still not flown entirely clear of financial thunderclouds. The airline's break-even point-49.4% of seats filled on an average flight-is one of the lowest in the industry, but Chairman William Seawell acknowledges that rising labor and other costs mean it cannot be reduced...
The crisis had only been temporarily averted. Officials expect the city to scrape through November-though not even that is sure. In December New York faces certain default unless it gets federal assistance. Thousands of city bondholders will be affected. Among them is Jacqueline Onassis. The forthcoming issue of MONEY...
But bankruptcy could be a national danger, he added, in that it would probably require the large banks that own a substantial amount of the city's bonds to take a loss on these holdings.