Municipal Bonds
Citigroup Leads Wall Street Drive to Punish Taxpayers in Auction-Rate Debt Taxpayers from Massachusetts to
California are paying Wall Street banks to end derivative
contracts gone bad as they exit the collapsing auction-rate bond
market, with penalties in some cases topping $10 million and
compounding the pain of rising borrowing costs.
Los Angeles Downtown on Sale at 65% Odd as Debt Drags Down Meruelo Maddux A package of Los Angeles real estate
on sale for 35 cents on the dollar is attracting investors to the
depressed shares of Meruelo Maddux Properties Inc., the biggest
private landowner in the city's four-square-mile downtown.
Treasuries Little Changed; Report May Show Retail Sales Fell Last Month Treasuries were little changed,
holding gains from last week, before a government report
tomorrow that will probably show declining U.S. retail sales.
Speyers, Bloomberg Seek Revived $1 Billion Manhattan Yards Development New York's Metropolitan Transportation
Authority said it may meet with other developers after talks broke
down yesterday with Tishman Speyer Properties LP on a $1 billion
deal to develop the Hudson Yards on the west side of Manhattan.
U.S. House Approves $300 Billion Foreclosure Legislation Opposed by Bush The U.S. House of Representatives
passed legislation to let a federal agency insure up to $300
billion in mortgages to help homeowners avert foreclosure, a day
after the White House threatened to veto the measure.
Citigroup's Pandit Plans to `Wind Down' About $400 Billion of Bank Assets Citigroup Inc. Chief Executive Officer
Vikram Pandit said he plans to shed about $400 billion of assets
over the next three years as part of his plan to return the
biggest U.S. bank to profitability.