Testing the muni market | NY Torch

Ohio sold $240 million worth of long-term municipal bonds yesterday. The bonds carried an annual yield of 5.21 percent, 18 percent higher than last year. Ohio's long-term general-obligation credit is rated two notches above New York State's, which ...

Data of the day | NY Torch

Public school finance will be one of the most hotly contested battlegrounds in New York's coming state budget war.  From last June's preliminary report of the Governor's Commission on Property Tax Relief (aka the Suozzi Commission), here is a remind...

Pension “Sacrifice”? | NY Torch

In today's Times report on the reaction of municipal labor unions to possible budget-cutting strategies, UFT President Randi Weingarten argues against any reform of generous pension benefits for municipal employees: “Here we have a situation where ...

What happens in CA … | NY Torch

California may have to ask the federal government for a $7 billion loan by the end of the month just to pay for basic services like police and firefighting, Gov. Arnold Schwarzenegger warned last Thursday. New York City readers may have shuddered, as...

Is $700 billion just a drop in the bucket? | NY Torch

Just belatedly realized something in crunching the equity- and debt-underwriting numbers: Between 2005 and 2007, American financial institutions produced $5.4 trillion worth of mortgage-backed and other asset-backed securities not guaranteed by a gov...