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...stock trades at $1.71, which is not even its 52-week low. Several news outlets have reported that the Treasury has asked the No.1 US car company to prepare for Chapter 11. The government will probably try to have GM broken into two pieces. In that case, most of the creditors may be stuck holding paper in the weaker of the operations which will be made of brands like Saturn and Hummer which have no economic value at all. If that tactic works, the money that GM owes to financial firms could end up being next to nothing...
...debt of municipalities has long been a staple of many investors' portfolios. Financial professionals and their clients have been lured by munis' tax-free status, a history of few defaults and nearly three decades of low single-digit annual returns...
...states have funded only 83% of what they owe or will owe to their retired workers. Many states have done a much worse: West Virginia, Road Island, Connecticut and Oklahoma all have less than 60% of their retiree benefits paid for. "The number of state funding ratios at the low end is startling," says Peter Hayes, who heads BlackRock's municipal bond management committee. "The prospect for even greater liabilities is a reasonable scenario if the country becomes trapped in a prolonged recession...
...over, and the Tigers cleared it as time expired to secure the narrow victory. Gibbons had the hot hand on the afternoon, posting a hat trick that included two fourth-quarter goals. But the Crimson faced a familiar problem in the waning seconds—being forced to take low percentage shots. “I think that’s what hurt us,” Crimson coach John Tillman said. “We may have had more shots, but we didn’t shoot in good areas to make their goalie make some harder saves...
...This trust requires considerable faith in rating agencies, such as Standard & Poor’s and Moody’s. To make a low-risk purchase of a CDS, a firm needs to buy from an insurer with an excellent credit rating. If any of these ratings are inaccurate or get downgraded, this will dramatically affect the CDS and cause panic. Therefore, the government must institute a reasonable collateral requirement for the sale of CDSs. Further, rating agencies must closely monitor investing schemes that use insurance from highly rated firms like AIG to make risky investments in poorly rated firms...