Municipal bond
Summary
A municipal bond is a bond issued by a city or other local government, or their agencies. Potential issuers of municipal bonds include cities, counties, redevelopment agencies, special-purpose districts, school districts, public utility districts, publicly owned airports and seaports, and any other governmental entity (or group of governments) below the state level. Municipal bonds may be general obligations of the issuer or secured by specified revenues.In the United States, interest income received by holders of municipal bonds is often exempt from the federal income tax and from the income tax of the state in which they are issued, although municipal bonds issued for certain purposes may not be tax exempt.Municipal securities consist of both short-term issues (often called notes, which typically mature in one year or less) and long-term issues (commonly known as bonds, which mature in more than one year).
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Janet Tavakoli: 2011: The Year 60 Minutes Misled Americans About Municipal Bonds
In previous posts, I've mentioned serious fiscal problems that need to be addressed at state and local levels. This varies by region and some issues are potentially solvable.
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Bloomberg Bird-Dogs Meredith Whitney's Terrible Call
Remember Meredith Whitney's apocalyptic predictions on the municipal-bond market last year? Bloomberg News does. And it makes sure Whitney and its readers do too. Whitney last year predicted a catastrophe in municipal bonds—hundreds of billions of dollars of defaults this year as state and local governments failed to make payments on their supposedly crushing debt burdens.
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Audit Notes: Nobody's Guilty In SEC Deals, Swipe Fees, Euromess
The New York Times makes a good catch on the disparities in a Justice Department settlement with Wachovia and an SEC settlement with the same bank. Justice and the SEC teamed up to ding Wachovia for bid-rigging the municipal bond market—taking money from taxpayers making it more expensive for cities and states to borrow money.
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NYT’s Dealbook hires writer from Huffington Post
Kat Stoeffel of the New York Observer reports that the Dealbook section of the New York Times has hired William Alden from the Huffington Post.
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Audit Notes: UBS Fraud, Stevie Cohen, Bankers 4 Liz Warren!
So a giant Swiss bank defrauds American taxpayers. It bid-rigs the muni-bond derivatives market. It pays kickbacks and bribes. The SEC charges it with fraud and settles the case for $160 million. It's the second too-big-to-fail bank, after Bank of America, to cough up nine-figure settlements in the investigation. All signs point to more crimes at more big banks.
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Securities Star Chambers
Gretchen Morgenson sees hope in a recent arbitration case that, incredibly, found in favor of actual human beings against Citigroup's Smith Barney unit, which had sold as safe what was actually a risky and highly levered municipal bond arbitrage deal. What's more, the three-member arbitration panel levied a serious penalty: $54.
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Bond Buyer names new editor, ME
Gavin Murphy has been promoted to editor-in-chief and Michael Scarchilli was named managing editor of The Bond Buyer, the daily newspaper covering the municipal bond market.
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Tracking the economy and business
Zach Tracer, a Duke University senior interested in business journalism, covered the 2011 Computer Assisted Reporting conference and filed a report on a session on tracking the economy and business.
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Yvette Kantrow: Literally Figurative
So here's what passes for a big M&A scoop these days: a Wall Street Journal story, on the front page no less, reporting that executives at Facebook Inc. and Google Inc. have held "low-level talks" with their counterparts at Twitter Inc. to "explore the prospect of an acquisition. " These talks "have so far gone nowhere," we are told, but are "remarkable" nonetheless, because of the outsized valuation they assign Twitter -- $8-10 billion for a company the WSJ reported had just $45 million in revenue last year.
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Bloomberg News Pops the Meredith Whitney Bubble
Bloomberg News lands some real blows on analyst Meredith Whitney in a terrific story this morning. Whitney, famously—or infamously—went on 60 Minutes in December and predicted that fifty to a hundred "sizable" cities and counties would go bust, defaulting on hundreds of billions of dollars of municipal bonds.
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