Word: bondses
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Among other things, the legislature had directed State Comptroller Arthur Levitt to invest $125 million from two state employees' pension funds in bonds is sued by the Municipal Assistance Corporation (Big Mac). In addition, the state was to try to borrow $750 million and then promptly lend it to...
Delicate Refusal. But two unions representing state employees went to court to prevent any of their $7.2 billion pension funds from being invested in the tottering city. The court ruled that the legislature did not have the authority to order Comptroller Levitt to buy the bonds. The court did not...
Rather delicately, he explained that al though the Big Mac bonds were a "sound security"-of which he had already bought $25 million-any further pur chases might "unbalance" the funds' portfolios. Other experts suggested that the fiscally conservative comptroller might well fear that buying more Big Mac bonds...
The state had already issued $250 million in notes as part of its share of the bailout scheme. But some of the financiers who handled the deal had been stuck with an estimated $100 million in notes they could not sell. After Levitt's refusal to buy more Big...
At the last minute, however, Carey and Levitt devised another temporary fix, by legerdemain. Although Levitt would not buy MAC bonds, he did agree to buy $250 million worth of the otherwise unsalable state notes, thus providing the state with money to lend to the city. In addition, Levitt said...