[credit provider=”Bloomberg TV” url=”http://www.bloomberg.com/video/pimco-s-gross-on-fed-policy-investment-strategy-D09FqpFJRuCpd~VCW3GSsg.html”] Dec. 27 (Bloomberg) — Bill Gross has more than doubled his holdings of municipal debt sold in New York, helping propel the world’s largest bond fund to its biggest investment in local securities in six years.The $285 billion Total Return Fund, which Gross runs at Pacific […]
[credit provider=”AP Photo/Hans Pennink”] S&P has lifted the debt outlook for New York State from stable to positive, meaning an actual upgrade is possible if trends continue.The announcement explains the move. Basically, the state is moving towards balanced budgets, and has adopted schemes that will reduce future expenditures on school […]
A new post at the New York Fed’s Liberty Street Economics blog presents some statistics on municipal bond defaults that suggest their true default rate is higher than ratings agencies report.
[credit provider=”Bloomberg” url=”www.businessweek.com/videos/2012-08-03/kotok-on-u-dot-s-dot-payrolls-jobless-rate-confidence”] The war against Meredith Whitney’s call for a municipal bond-pocalypspe continues.David Kotok of Cumberland Advisors just wrapped up his 5-day retreat at Leen’s Lodge in Grand Lake Stream, Maine. The annual gathering included around 48 financial market professionals, economists, traders, academics, and Fed advisors.
[credit provider=”CNBC screenshot” url=”http://video.cnbc.com/gallery/?video=3000107250&play=1″] Meredith Whitney is primarily known these days for predicting a massive wave of muni defaults, which did not come true.But contrary to what you might think, Meredith Whitney, the CEO of Whitney Advisory Group, said this morning on CNBC’s “Squawk Box” that she does not advise her clients […]
[credit provider=”en.wikipedia.org” url=”http://en.wikipedia.org/wiki/File:TwinPeaksPoway1.jpg”] While banks are still being persecuted for lending too much and not lending enough, too many still are getting money they shouldn’t. Case in point, a San Diego school districtIn 2008, voters had given the district permission to borrow more money to finish its modernization, and they had received a big […]
As the Euro crisis has evolved it’s becoming increasingly popular to compare the EMU to the USA. That is, the states in the USA are analogous to the countries in the EMU in that they are all users of a common currency and are not autonomous in that currency (ie, […]
Illinois borrowing costs are poised to rise about 22.5%. The nominal increase is about .34 percentage points as reported by Bloomberg.
Writing about U.S. municipal distress can be a slog. Not because the evolving situation lacks for complexity, drama and nuance, but because it is taking so long to play out. As a turnaround and restructuring professional I am far more accustomed to the quick (though not necessarily efficient) reactions of […]
The hosts on CNBC are usually pretty nice when they talk to/about Wall Streeters. After all, the industry is hard enough.
[credit provider=”60 Minutes”] Analyst Meredith Whitney has been repeatedly lambasted for her prediction on “60 Minutes” in December 2010 that “you could see 50 to a hundred sizable defaults” in municipal bond markets.In truth, there have been relatively few important municipal defaults—just an average of 5.5 per year in 2010 […]
Meredith Whitney first predicted widespread muni doom in late 2010, and so far that hasn’t come to pass at all.
[credit provider=”Barron’s” url=”http://online.barrons.com/report/top-financial-advisors”] Barron’s just published its list of America’s top 1,000 financial advisors.In its report, Barron’s looked into what the most common recommendation was. And the findings weren’t surprising.
Warning: Wonkish When you stick your neck out and make prognostications about the future, sometimes you’re going to be wrong. I’m certainly no exception. But when it comes to really big misses, I think Meredith Whitney’s call for a monster blow-out of the Municipal Bond market is on top of […]
So 2011 was not a great year for Meredith Whitney, since not only did munis not implode, they actually had a dazzling run.
As noted by David Kotok, today marks the one-year anniversary of Meredith Whitney going on 60 Minutes and pronouncing munis bonds to be DOOMED.