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Comment on Municipal debt: from time machine to time bomb? by Anchard

Agreed that Detroit is a special case in terms of severity (as I added in the last paragraph above). But I also think you’re giving governors and mayors – cities are a big part of this too – far too...

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Comment on Uncertainty absorption, decision premises and the maintenance of...

Hello Arno, I apologize for my slow response. What I take “premise” to mean in this context is the set of assumptions, information and beliefs you hold at the time you make a decision, and that go into...

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Comment on Risk parity and the power of branding by bearing light

AQR, Bridgewater – aren’t they all goldbugs, the end is near kind of guys, basing their decision on political biases rather than reality?

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Comment on Risk parity and the power of branding by Jason Windawi

Cliff Asness absolutely fits that profile as a person – I’m not sure about the goldbug part, but he has made no secret of his opposition to Obama. But AQR’s portfolios are all algorithmic, and I’d be...

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Comment on Municipal debt: from time machine to time bomb? by How did...

[…] municipalities by issuing municipal bonds to “fund” its pension obligations. While these bonds do no such thing – they simply kick today’s liabilities into the future –they have proven to be catnip...

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Comment on How did Detroit’s pensions fail so badly? by Notes on the Detroit...

[…] on a new round of felony convictions), city governance has been notoriously corrupt, not to mention astonishingly incompetent. Since 2005, for example, the city has turned to Wall Street for help...

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Comment on How did Detroit’s pensions fail so badly? by Wall Street plunders...

[…] But when the pensions’ portfolios suffered losses from the economic downturn, the city government decided to issue bonds to fulfill its obligations. A series of refinancings, underwriting fees and...

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Comment on How did Detroit’s pensions fail so badly? by Wall Street plunders...

[…] But when the pensions’ portfolios suffered losses from the economic downturn, the city government decided to issue bonds to fulfill its obligations. A series of refinancings, underwriting fees and...

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Comment on How did Detroit’s pensions fail so badly? by There’s No Formula...

[…] news of Detroit’s bankruptcy has brought countless explanations of what went wrong, some of them pretty interesting. But the main point of a bankruptcy — especially this bankruptcy, which […]

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Comment on Detroit’s dodgy numbers by Change is Coming: Preparing for New...

[…] people are learning that the city may have had more off-balance sheet debt than on-balance sheet. One report had the numbers at $9.20 billion in off-balance sheet debt and $8.78 billion in...

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