Loews CEO Tisch Calls Bonds ‘Certificates of Confiscation’
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James Tisch, the chief executive officer of Loews Corp., said bonds should be called “certificates of confiscation” with yields on 10-year U.S. Treasuries at record lows.
“When I got started in the business, bonds were called certificates of confiscation,” Tisch, 59, said today at a conference sponsored by Sanford C. Bernstein & Co. in New York, the city where Loews is based. “T-bills and fixed-income securities these days are still certificates of confiscation.”