(CNN Money) — Think Greece and Spain are drowning in debt? Look a little closer to home. Seven U.S. cities recently had their municipal bonds downgraded below investment grade. Their debt is now, junk, considered more worthless than that of the so-called PIIGS. “America’s short-term budget crises, long-term growth perspectives and needs for austerity are […]
(Businessweek) — Chicago Mayor Richard M. Daley hired JPMorgan Chase (JPM) investment banker Gene Saffold to be the city’s chief financial officer and gave him a simple order: Protect the taxpayer. “During these tough times, when people are hurting, this is more important than ever,” Daley said in introducing Saffold in March 2009. “We must […]
(WSJ) Municipal bonds, once the purview of the belt-and-suspenders crowd, have gotten a lot more intriguing in the past couple of years. The worst of the financial crisis has passed, but much of the investment world’s angst has been transferred to the government debt markets. Exotic places like Greece and Dubai are facing debt difficulties, […]