http://fortune.com/2014/06/12/new-jersey-tobacco-bonds/
I suspect that everyone needs to spend some time sorting thru this article. It sounds like many states are going to get screwed in the next couple of years. Let me take a stab at explaining this. The states got a bunch of money back in 2007 from the tobacco firms. Most of that money was put up as collateral for huge loans to the states. Now - the huge loans are failing because the tobacco firms are not helping to pay off the loans fast enough since their income is dropping. Hedge funds are swooping in to play all sorts of games with the loans. (I sense that even in those 4 short sentences I have got 50% of my explanation wrong) (Anybody remember when the auction of the cellphone freqs cut the US deficit in half?) (Seems like the same sort of wild financial games) -- You received this message because you are subscribed to the Google Groups "massfire" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. Visit this group at http://groups.google.com/group/massfire. For more options, visit https://groups.google.com/d/optout.
