Word: bondses
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Some Remedies. Despite all this ledgerdemain, the budget becomes more unbalanced each year as the debt is papered over but never paid off. Interest costs inexorably mount as the credit-risky city has to pay more for the money it needs. Today debt service amounts to a staggering $1.9 billion...
While Harvard Management President Walter M. Cabot '54 has not changed the ratio of stocks to bonds in the first year, the rate of turnover for common stocks has been very active, especially considering the market situation.
Stopgap Move. In fact, the cutbacks are unlikely to go that far. Beame described his budget as "shock therapy," and it was clearly intended to prod the state legislature into coming through with the $641 million in increased aid and taxing authority that Beame seeks. Last week, in a stopgap...
The financial plight of Mayor Abraham Beame's New York City is so grim that even far-out jokes have a certain plausibility. Somehow, before the end of the fiscal year on June 30, the city must raise a staggering $1 billion to meet its payroll and operating expenses...
With his options fast disappearing, Beame has considered selling city bonds to the municipal pension system, a move that would force the system to sell at a loss the securities it now holds. Controller Harrison Goldin, who had to cancel the sale of $280 million in notes last week because...