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Keep Pension Funds Safe !
‘Having pension funds insure bonds seen as too risky’ ~ is the conclusion of Reuters recent analytical article by Joan Gralla:
“NEW YORK (Reuters) – A proposal by California to use state pensions to back municipal bonds is drawing criticism from some other U.S. states and investors who prefer a private-sector solution and one that would not imperil retirees.
The municipal bond market lost faith in bond insurers after their mult-ibillion dollar write-downs related to sub-prime mortgages shook confidence in the soundness of their finances.
Those missteps cost several bond guarantors the top-notch ratings that investors demand, slicing demand for insurance that had been used by half of the $2.6 trillion muni market.
In response, California Treasurer Bill Lockyer last month proposed having state pension funds form a new bond insurer, an idea Rhode Island said it would support.”
Click here for the full article.
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