Word: municipales
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-- Horrified the holders of more than $1.5 billion of the county's municipal bonds, who may face big losses on their investments.
Municipal bond holders around the country had more than the Orange County disaster to worry about. Greenspan's strong hint last week that the Federal Reserve will continue to push up interest rates heightened worries that more governments with overleveraged portfolios heavily based on interest-rate bets could be forced...
While municipal finance may seem dry and abstract to the uninitiated, the pain of bad bets can be highly tangible. Rocked by $115 million in losses on its leveraged investments in bonds and other securities, Cuyahoga County, which includes Cleveland, Ohio, said last week it was slashing 11% from all...
The aftermath of the bankruptcy filing soon led to finger pointing. Holders of Orange County municipal bonds sued county officials as well as Merrill Lynch and Smith Barney, claiming the firms had concealed "reckless investment practices." Not to be outdone, the county sued Nomura Securities for ignoring the bankruptcy filing...
Facing losses of at least $1.5 billion in its investment portfolio, Orange County, California, declared bankruptcy. The announcement followed the resignation of county treasurer Robert Citron, whose high-risk investment strategies triggered the crisis. The greatest municipal bankruptcy in U.S. history, the disaster sent stock and bond prices tumbling.