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’Space, time and public pension black holes
Mad, bad, and dangerous to know — the response from states to the idea of Congress pre-emptively legislating for their bankruptcy.
In Monday’s Wall Street Journal, EJ McMahon of the Manhattan Institute adds to the criticism,
Betfair goes west
We have asked the question before and we will ask it again; what price Betfair, when it lists on the London stock exchange later this month?
Well, if these slides from Numis Securities’ pre-float marketing presentation is anything to go by £1.5bn looks to be the ball park figure.
Congratulations, New Jersey
The state of New Jersey appears to have blazed a new trail, but hopefully it’s one that other states won’t follow:
New Jersey is the first state ever charged by the SEC for violations of the federal securities laws.
Interest rate swap existentialism du jour
Those of you who enjoy a good interest rate swap debacle (Traders, Guns and Money-style) are in for a treat.
And Goldman Sachs conspiracy theorists especially.
From Bloomberg:
Oct. 23 (Bloomberg) — New Jersey taxpayers are sending almost $1 million a month to a partnership run by Goldman Sachs Group Inc.
Munis hoping investors are ready to build America
California and the New Jersey Turnpike Authority are among several issuers hoping investors will buy ‘Build America bonds’, a new form of federally approved funding unveiled earlier this month by the US Treasury
These bonds are intended to support the stressed municipal bond market,
California’s fiscal emergency
No sooner has California narrowly survived one fiscal disaster – a short term funding crisis in early October that threatened state default – is it onto its next.
From the Governator:
Now, more than three dozen new legislators are being sworn in today,