The Public Purse

Your intelligent source for municipal finance information

Tag liquidity

Municipal Market Meltdown? Response to Bookstaber

We have two opposing camps in the muni-market at the moment: those who say it is the next systemic shoe to drop and the rating agencies that are systemically raising ratings. Which is right? We have moved from a market… Continue Reading →

April 9, 2010

Pensions and Securities Lending: Update

Further to our discussion of Detroit’s pension, we see that Missouri’s public pension is in a lawsuit with State Street Bank over their securities lending program.  These programs are intended to act like demand deposits — but the dollars are huge,… Continue Reading →

November 24, 2009

Detroit, pensions and securities lending: cops, COPS and swaps

The city of Detroit does not need another financial setback.  With unemployment topping 17% and ever increasing short term borrowing, the city is under an immediate survival imperative to cut spending or face insolvency.  State revenue sharing is being cut… Continue Reading →

November 10, 2009

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