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Tag Archives: municipal

The Wall Street Reform Bill: Conference Update

A summary of where we are in the legislative reform process of the financial system. [BTW: follow me on Twitter  — cate_long — tweeting on the conference process) From an email announcement from the House Financial Services Committee: The Wall Street Reform Bill: Conference Update Washington –Last week was a successful week for the House […]

Opening muni

Brilliance is so exciting… Welcome to OpenMuni By Philip Ashlock A tool for facilitating collaboration and cataloging case studies, best practices, and standards for open data and open source on the local level. OpenMuni is a resource to spread knowledge and connect localities to better provide open channels of information to improve quality of life, increase […]

Michigan

California bankruptcy ruling a precedent for Detroit Public Schools The Detroit News, July 31, 2009 Detroit — Detroit Public Schools, facing a $259 million deficit and diminishing cost-cutting options, has a recent California court ruling on its side as officials weigh Chapter 9, experts say. Chapter 9, a rarely used form of municipal bankruptcy, could […]

Muni market confusion

Bond insurance down to 5% of new issues from 50%… BABs have reduced supply… Are credit ratings to be trusted? Municipal revenues has declined… “We don’t expect the muni market to collapse…”

Hey buddy! Wanna buy a state capital building…cheap??

Repost from Finance Tangent … ~~~ The looming budget crisis affecting states like Arizona, California, Illinois and others, is prompting leaders to look at any option to raise money. Case in point is California that recently put up 17 commercial buildings for sale, including two San Francisco buildings that house the state supreme court and the […]

Multiple years of deleveraging from here…

In the bond markets Cantor has always been known as the “outer boro guys”…. never a fancy shop like Goldman or Morgan Stanley… but they were a dominant broker before 9/11 wiped out the majority of their employees… it’s good to see them hunting around for new products to make markets and service customers… In […]

“Too big to fails” in the muni markets…

America’s largest banks are the prime underwriters of muni debt and swaps… this area of the market has been a particularly abusive part of Wall Street. Their behavior against municipalities is a charge against them in the discussion of whether they should be broken up. There are many stories of predatory behavior towards municipal officials… muni swaps […]

TreasuryDirect for Treasurer Lockyer

I was reading about the efforts of states to directly market their municipal debt to retail investors. From Business Week: ~~~ “In March 2008, retail investors bought half of a $1.75 billion issue of general-obligation infrastructure bonds and the following October they bought nearly 80% of a $5 billion issue of Buy California Bonds—short-term revenue […]

The New Improved 2009 Floaters

So much is made of the special abilities of Wall Street to innovate new ways to flow capital to various entities… But is all innovation good? Or is some of it just new ways for Wall Street underwriters to package securities and make fees? The Wall Street Journal reports today on the New Improved 2009 […]

Emma’s getting stronger…

MSRB NOTICE 2009-31 (JUNE 10, 2009) MSRB RECEIVES APPROVAL TO ACCEPT FILINGS OF  VOLUNTARY CONTINUING DISCLOSURES TO THE MSRB’S ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) SYSTEM On June 3, 2009, the Municipal Securities Rulemaking Board (the “MSRB”) received approval from the Securities and Exchange Commission (the “Commission”) for the Electronic Municipal Market Access system (“EMMA”) to […]