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Headlines Tagged with Bonds 1,540 headlines found

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ESTES: How the Big Tobacco Deal Went Bad

The only people making money on these bonds are investment bankers who fooled state politicians into believing that ready money in their state coffers now was more important than any future consequences...all together, the states will spend just 1.9 perce
New York Times
added Oct 7, 2014 16:16
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Tobacco Bonds Seen Cheap as Default Forecast Raised: Muni Credit

Managers of two of the largest high-yield municipal funds see a buying opportunity in tobacco securities even as more of the bonds are projected to default. The obligations, issued by state and city agencies and backed by funds from tobacco companies, a
Bloomberg News
added Sep 27, 2014 14:46
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California Helps Wall Street Pocket 44% of Landmark Tobacco Settlement

The original agreement made no stipulation how the money would be spent and ProPublica found that the most common use nationally was to pay off old debts. Tobacco bonds are very popular on Wall Street, regarded as much for their uncertainties as their h
AllGov.com
added Sep 19, 2014 20:25
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[New Jersey] Bottom Lines: N.J. bungle on tobacco settlement still costing taxpayers

A ProPublica analysis of what states did with billions of dollars from tobacco companies — ostensibly to offset the health-care costs of smoking — provides a helpful reminder of how things have gone so wrong in New Jersey. The 1998 tobacco settlement was
The Press of Atlantic City
added Sep 17, 2014 05:24
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[Rhode Island] Oppenheimer's Tobacco Bond Dispute Heard in RI Court

Oppenheimer squared off against the Rhode Island Tobacco Settlement Financing Corp. at a state court hearing Monday as the fund company sought to block a $593 million tobacco bond refunding sale originally slated for early August.
Bond Buyer Online
added Sep 8, 2014 16:45
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Q&A: The Hidden Costs of Tobacco Debt

Even when taxpayers aren’t explicitly on the hook, tobacco bonds can cost states and local governments money. Here’s how...some issued what are called capital appreciation bonds, or CABs. ... are now likely to default. And that could force governments to
ProPublica
added Aug 22, 2014 12:24
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Q&A: The Hidden Costs of Tobacco Debt

capital appreciation bonds....are now likely to default. And that could force governments to pony up even more of their future tobacco windfall to investors — money that could otherwise benefit taxpayers. How did it all happen? Here are answers to some b
North Denver (CO) News
added Aug 19, 2014 07:32
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Tobacco Bonds May Be Dangerous to Your State's Financial Health

Some of the deals included a form of high-risk debt, capital appreciation bonds, which obligated governments to pay out billions of their tobacco income in the future.
ProPublica
added Aug 8, 2014 11:50
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Official Statement: New Jersey Treasury Department!

The State takes very seriously its relationship with bondholders ...Although not legally compelled to resolve a potential default situation with the tobacco bonds, the State sees an advantage in maintaining good relations with the tobacco bond investors
ProPublica
added Aug 8, 2014 11:49
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PODKUL: How Wall Street Tobacco Deals Left States With Billions in Toxic Debt

Politicians wanted upfront cash from a legal victory over Big Tobacco, and bankers happily obliged. The price? A handful of states promised to repay $64 billion on just $3 billion advanced.
ProPublica
added Aug 8, 2014 11:42
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