Word: municipale
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One can easily understand why being mayor of New York City might be a difficult job to give up. Michael Bloomberg is having a particularly difficult time dealing with his upcoming separation from mayoral power. For one thing, he has installed enormous countdown timers in several government offices that measure...
Insurance companies did invest in real estate and mortgages, he says, but not in the huge way the banks did - only about 10% of investments were in those areas industry-wide. It is those investments that have caused recent reported investment losses at MetLife and The Hartford. About two-thirds...
Since the Sept. 15 collapse of Lehman Brothers, the $2.6 trillion market for state and city bonds has been virtually frozen - partly because investors are scared to own anything more dangerous than Treasuries, and partly because interest rates that cities must pay to lure buyers have shot up 25% or...
There are also promising signs that the broader market for municipal bonds is starting to thaw. On Oct. 7, Kentucky sold $400 million worth of bonds to finance education and public works projects around the state. It was one of the first major issues since the Federal Government started taking...
But both Ohio and Kentucky - and the Long Island Power Authority in New York, which also sold bonds that day - paid much more of a premium over Treasuries than they would have before the credit crunch began in the summer of 2007, says Matt Fabian, managing director at Municipal Market...