Los Angeles bonds are beating the $3.7 trillion municipal market even as leading mayoral candidates oppose a measure to raise the sales tax while also vowing to eliminate a $450 million-a-year business levy.
Federal Reserve Chairman Ben S. Bernanke says the end of the central bank’s bond buying won’t constitute a move toward tighter policy. He may have a tough time convincing stock and bond investors that’s true.
Jesse Litvak, a former Jefferies & Co. mortgage-bond trader, is accused of cheating customers by using unscrupulous sales tactics that the U.S. Securities and Exchange Commission’s deputy director of enforcement called “unfit for a used car lot.” Such practices are widespread in a market lacking transparency, investors and regulators say.
Investors who poured more than half a trillion dollars into bond mutual funds since 2007 will experience a market crash when interest rates rise, according to Marilyn Cohen , a Los Angeles money manager.
Citigroup Inc. and Bank of America Corp.’s Merrill Lynch are among five firms that will pay $4.48 million to settle regulatory claims they used funds from municipal and state bond deals to pay lobbyists.
Marilyn Cohen, president and chief executive officer of Envision Capital Management, says investors are keeping a close watch on the growing number of municipal bankruptcies. Cohen talked to Kathleen Hays and Courtney Donohoe on "The Hays Advantage" on Bloomberg Radio on July 17, 2012.