The 35% subsidy from the federal government, i.e. taxpayers, to the states is about to end. $185 billion in these bonds was issued in 2010. With the House changing hands next year it is unlikely the program will be resurrected. Watch for a very rough year for muni bonds in 2011.
- Pimco Is in a Race to Keep Investors After Bill Gross ExitsExecutives at Pacific Investment Management Co. hit the phones Monday in a campaign to persuade clients to stick with the firm, even as Wall Street traders placed bets against its holdings, seeking to exploit the sudden departure of co-founder Bill Gross. […]
- Unsecured Loans Beset South AfricaSouth Africa is grappling with rising defaults on a mounting pile of unsecured personal loans, high-interest-rate debt not backed by collateral like a house or car. […]
- Hong Kong Banks Hit by ProtestsHong Kong banks shut branches, suspended some services and activated contingency plans as pro-democracy protests gripped several parts of the city. […]
- Pimco Is in a Race to Keep Investors After Bill Gross Exits