Word: munising
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Certainly, second wives, bent on protecting their own brood, have more moral authority than the men who have already left one brood behind. But even they may not be any match for market forces. New York City is considering a proposal from investment bankers at Morgan Stanley to get immediate...
What could be more benign than that boy scout of financial instruments, the municipal bond? What town has not floated an issue to build a road? What little old lady (or big mutual fund) has not heard an accountant extol "munis" as the most foolproof of investments? Lending to companies...
But Wall Street was not convinced. In addition to downgrading Orange County bonds to junk status last week, Moody's Investors Service called the county's behavior "outrageous and unprecedented." Says Zane Mann, publisher of the California Municipal Bond Advisor: "People are saying, 'Screw them. I'll never buy another...
Last week's turmoil added to the uncertainty that has been plaguing the muncipal-bond market for months. In December the House passed a tax-reform bill that would place a 25% minimum tax on certain munis, including bonds to build stadiums and industrial parks. Investors and municipalities that depend...
Henry Bloch, 56, president, H & R Block of Kansas City. He invests in tax-free municipal bonds, as befits a tax expert in the lofty 70% bracket. Bloch points out that munis are safe, and enormously liquid, and they can be bought in denominations as low as $ 1,000.