Puerto Rico’s funny labor data

February 15, 2014

Detroit’s hasty plan of adjustment

February 14, 2014

Having watched six municipal bankruptcies happen before Detroit filed for Chapter 9 protection, it was never clear why Michigan Governor Rick Snyder and Detroit Emergency Manager Keyvn Orr thought that they could conclude court proceedings in only fourteen months. Previous bankruptcies were much smaller and less complex, and each took several years to conclude.

Puerto Rico’s debt limit

February 13, 2014

One of the most interesting points that Puerto Rico Governor Alejandro Garcia Padilla made in a speech on Monday after the credit rating downgrades by Standard & Poor’s and Moody’s (Fitch has since also downgraded Puerto Rico to speculative grade) is related to the restructuring of Puerto Rico’s tax code. He said:

New York opens its Green Bank

February 11, 2014

New York’s Governor Andrew Cuomo announced the launch of the state’s Green Bank to provide financing for in-state alternative energy projects. Here is the skinny:

A plan for Puerto Rico

February 11, 2014

Puerto Rico’s governor, Alejandro García Padilla, announced a six point plan to restructure the government in light of the credit rating downgrades by Standard & Poor’s and Moody’s.

EMMA is growing up

February 10, 2014

Welcome to the new, user-friendly version of EMMA, muniland’s free central repository of bond documents, event disclosures, trade data and market statistics. It’s a treasure trove of muniland’s core information and it has been redesigned to be even easier to use and more intuitive (Disclosure: I participated in several rounds of user testing as the new EMMA design was scoped).

Puerto Rico’s liquidity

February 7, 2014

If you dig a little deeper than what is generally reported on the S&P downgrade of Puerto Rico, a few facts seem to diverge from the conventional story line. The most important relates to the “liquidity” of the Puerto Rico’s government and its fiscal agent the Government Development Bank (GDB).

Clean homegrown electric energy

February 6, 2014

There is another big step forward for America’s clean energy revolution. The San Bernardino Sun reports that the Ivanpah solar thermal project has come fully online:

S&P downgrades Puerto Rico: The turning of the wheel

February 5, 2014

Photo: Puerto Rico Treasury Secretary Melba Acosta (R) and Governor Alejandro Garcia Padilla at a press conference in response to S&P’s downgrade. (Source: Ustream) 

The shadows of muniland

February 4, 2014

There is a shadowy part of muniland. It is populated by liabilities that are absent from balance sheets and municipal debt that was contracted by circumventing the law.