Friday, September 03, 2010

Harrisburg Bankrupt Redux

Harrisburg (little H) is really really passing on making some required bond payments.  That would be called a default.  Seeking Alpha asks: Will Defaulted Harrisburg Bonds Cause a Domino Redemption Effect?  Not exactly the same question I once asked, but similar.  Still a question for Pennsylvania.

The issue of problems in municipal bond insurance markets is arcane if important stuff. This all is just good timing for a post I was already writing on a new book by one of the few people to poke at the house of cards otherwise known as municipal bond insurance market.  I have not had time to get to it yet, but finance and policy wonks will want to read the book on Bill Ackman: Confidence Game: How a Hedge Fund Manager Called Wall Street's Bluff (if you really just want the crib notes, read this from Bloomberg, but it you want to see where it all started you can read Ackman's white paper).


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