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Financial Services

News

HY Fund Inflows Set Record

High-yield bond funds took in more than $1 billion for the week ended March 10, research firm EPFR Global announced today. The total marks the highest weekly inflow since the firm began tracking fund flows.

Bank Fails in Rare Thursday Closure

State regulators shut $209.7 million-asset LibertyPointe Bank of New York, a rare move for a Thursday evening that usually indicates a bank's condition was deteriorating rapidly.

Jackson Rejoins Wells to Trade Specified Pools

Kevin Jackson, previously a director in the convexity products group at Bank of America Merrill Lynch, will be rejoining Wells Fargo as part of the firm's efforts to bolster its residential financing, origination and trading activities.

Treasury Bungled GMAC Bailout, Watchdog Says

A scathing report by a Congressional watchdog examining the bailout of GMAC Inc. found that the Treasury Department did not adequately protect taxpayer money and should have orchestrated a strategic bankruptcy of the auto finance company.

Dodd to Introduce His Own Reform Bill

Senate Banking Committee Chairman Chris Dodd announced today that he is unable to reach a deal with Sen. Bob Corker and plans to introduce a bill next week on his own with the goal of pushing it through the committee along party lines if necessary before the Easter recess.

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Articles

Muni Holdings Beef Up

State and local governments amassed their biggest-ever debt burden during the fourth quarter, meeting demand from retail buyers and a broadened investor base driven by federal stimulus programs.

Wall and Main Streets Talk Past Each Other

Two groups gathered in the San Francisco Bay Area this week to discuss municipal bonds, public budgets and interest rate swaps.

Banking on a Growing Deficit

New broker-dealer Pierpont brings together a trio that has worked on and off together for the better part of three decades.

Yields Decline a Bit as Firmness Creeps In

Most of The Bond Buyer’s weekly yield indexes declined slightly, as some firmness continued to permeate a mostly unchanged municipal market.

Transit Advocates Address Panel

A high-level Department of Transportation official told lawmakers that the Obama administration will support “ambitious local initiatives” for large-scale projects, such as a 12-line transit project in Los Angeles.

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