Word: default
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...already are rich, keep your eye on general-obligation municipal bonds (GOs). They're tax-free and, being "general obligations" of a state, city or county, they are highly unlikely to default. It may be too early to buy them -- the level of interest rates may rise, and the financial woes of cities and states are not yet banner headlines -- but if the top federal income tax bracket is raised, they will become more valuable. Just remember that the high cost of trading municipal bonds means they should be bought and held...
...business student knows that bad loans come in waves. The largest U.S. guarantor of student loans is learning that lesson the hard way. The Higher Education Assistance Foundation, a nonprofit group that has guaranteed $9.6 billion in student debt, acknowledged last week that a rising tide of defaults is threatening to push the agency into insolvency. HEAF's trouble was caused primarily by its heavy commitment to trade-school students, the group with the highest default rate. More than one-third of HEAF's loans were made to students attending for-profit institutions that promised careers in fields from hairdressing...
Teenagers who do not want to talk to their parents often find a way to avoid * it: they go before a judge, or they go out of state; they wait until their condition becomes obvious and have a dangerous, second-trimester abortion; or they have a baby by default. Justice Thurgood Marshall described the dilemma in his dissent in the Minnesota case: "This scheme forces a young woman in an already dire situation to choose between two fundamentally unacceptable alternatives: notifying a possibly dictatorial or even abusive parent or justifying her profoundly personal decision in an intimidating judicial proceeding...
...plot to force Detroit to default on its payments in order to foreclose on the city, have engineered a police strike. As a result, futuristic Detroit, already mired in urban blight, falls prey to a powerful new drug called Nuke, and the increase in crime...
...showed his bankers last week that he can still play a mean game of chicken. The embattled developer disclosed that he failed to pay at least $30 million that was due Friday on bonds issued by his Trump Castle casino in Atlantic City. His missed payment could lead to default, which in turn could push all or part of Trump's holdings into bankruptcy. He knows his bankers want to avoid that, since it could leave them with a lot of hard-to-sell real estate in New York and New Jersey...