This is clearly bad news for municipal issuers: investors wanting to buy the muni market on dips will now have a more liquid alternative to buying actual bonds, and can buy Citi’s synthetic instrument instead. Already the rise of muni ETFs has exacerbated volatility in the market. Expect the muni market to become more financially sophisticated in coming months, with a corresponding uptick in volatility. This is going to be a very bumpy ride for anybody issuing general-obligation bonds, even if there isn’t any signifiant default risk. Just because you’ll pay the money back, doesn’t mean you can borrow the money.
11:30 AM - February 10, 2011
The WSJ’s Balanced Look at Muni Risk
And the FT adds some helpful data
Serial creators don’t know what will happen to Adnan Syed - New developments in his legal case suggest that the outcome is wide open
The press is responsible for ignoring Bill Cosby rape allegations - Where were journalists 10 years ago when claims originally surfaced against him?
Journalism has a plagiarism problem. But it’s not the one you’d expect - Fareed Zakaria’s case highlights news organizations’ ethical grey areas
4 topics John Oliver explained more clearly than television news - The political satirist brings explainer comedy to HBO viewers
Will radio save science journalism? - WNYC will soon have a new health unit
Email blasts from CJR writers and editors
“[T]here was little that justified CNN’s egocentric coverage”
“[I]n spite of all the good reasons not to use the phrase, it is still very easy to find in the US press, even in headlines”
“Right now, my immediate plan is to go to work as a lay therapist at The Intercept to bring the healing there so John Cook and Matt Taibbi can return. I have great interpersonal skills.”
“Like the US drone program itself, this deceitful media practice continues unabated”
Greg Marx discusses democracy and news with Tom Rosenstiel of the American Press Institute
Who Owns What
A report from the Columbia University Graduate School of Journalism
Questions and exercises for journalism students.