Lyle Fitterer , the top manager of U.S. municipal-bond funds in the past decade, sides with Bill Gross and against Meredith Whitney in his view that fiscally strained states and cities will avoid widespread defaults.
New Jersey Governor Chris Christie’s comments that rising health-care costs might “bankrupt” the state, made the same day of a planned bond sale, drew criticism for poor timing and may have driven up borrowing costs.
New Jersey, the third-most indebted U.S. state, will save about $679 million in debt service through 2013 in a restructuring that exceeded state estimates, a spokesman for Treasurer Andrew Eristoff said.
Governor Chris Christie ’s pledge to erase New Jersey ’s budget deficit by disparaging public-worker unions has helped make him a national Republican star. Those who buy the state’s bonds are less impressed.
Panasonic Corp.’s North American unit may move its headquarters, along with about 950 jobs, from Secaucus, New Jersey to Newark, New Jersey, or someplace else in the U.S., the Bergen Record reported on its website, without disclosing how it obtained the information.