Hints and tips:
...Interest rates on normal bank accounts are notoriously slow to rise when the Fed hikes, so higher-yielding short-term Treasuries and money-market funds have started to draw depositors away from bank accounts...
...Pensions for state and municipal workers are often protected by state laws and even state constitutions, as well as union contract terms....
...such as Aurelius Capital and Baupost, and mutual funds such as Franklin Templeton and Oppenheimer over how much each competing class of bondholder should be paid....
...The tax benefit was — for a time — a boon to municipal bond fund managers across the US who often struggled to find enough of a given state’s bonds to fill a portfolio....
...Which is fine, if perhaps not something that we’re sure all the investors who have bought fixed income mutual funds or exchange traded funds have grasped: they are considered to be the ultimate risk-takers...
...Another fixed income outlet is limited partnership-style funds focused on senior bank loans and mezzanine debt....
...Ouch, not California but Cork? Mecklenberg ‘stead Michigan?...
...“It is definitely looking more systemic,” says Kenneth Rogoff, a Harvard professor who was formerly chief economist at the International Monetary Fund....
...Other short-term investments, such as money market funds, are offering rates of nearly zero....
...Petruno quotes George Strickland - manager of the Thornburg California Limited-Term Muni fund – in response....
...The funds are needed for California’s short-term cash obligations, such as paying public sector workers....
...“The world is not awash in capital, and there’s a better appreciation for the sort of long-term funding a hedge fund seeder can bring to the table.”...
...John Charman and his wife-to-be Beverley were teenagers at school in Rochester, Kent, when they met. At the time, they could scarcely have imagined how wealthy they would become....
...They helped fund the Minneapolis Institute of Arts and establish a lavish park system....
...If it cannot reach some kind of agreement with its lenders in the coming weeks, Jefferson could become the site of the largest municipal bankruptcy seen in the US – overshadowing even California’s Orange...
...This web of historical developments and regulatory strictures has limited the expectations of activist fund managers to the point that a narrow defeat such as the HP vote is treated as a resounding victory...
.... , southern California....
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