Bonds sold by hospitals are turning into the biggest losers in the municipal market as a delay in a provision of President Barack Obama’s health-care overhaul converges with near-record withdrawals from high-yield funds.
Investors in the $3.7 trillion municipal market assumed Illinois lawmakers would fix the worst- funded U.S. state pension system. The legislature’s latest failure is showing buyers the cost of inaction.
Illinois lawmakers will meet in a special session today, their second in three weeks, with leaders signaling that they can’t satisfy Governor Pat Quinn’s demand that they fix the nation’s worst-funded retirement state system before the day is done.
Redbox , which became the fastest- growing U.S. video retailer with DVD kiosks and a $1-a-day rental price stores couldn’t match, is developing an online strategy to stay competitive with larger rival Netflix Inc.