The vulture hedge funds are circling Puerto Rico’s $70 billion municipal bond market and are about to swoop. This is another round of disturbing news for Mom and Pop investors who own UBS closed-end Puerto Rico bond funds as well as the tens of thousands of other investors who own […]
Monthly Archives: January 2014
The clock is ticking towards a default by Puerto Rico on its massive municipal bond debt. According to a report last week in the Financial Times, some creditors met in New York City to discuss a possible restructuring of Puerto Rico’s massive $70 billion debt with “restructuring specialists.” The specialists, […]
Variable annuities have had a bad rap for some time. They are expensive, with brokers charging commissions between seven and ten percent of the amount invested. They are extremely difficult to understand, due to layers of opaque surrender charges and fees. And – because of tax deferrals – variable annuities […]
Retired and conservative Puerto Rico bond investors last year woke up to the harsh reality that the bonds they were holding in their retirement accounts were one notch above junk bond status. Indeed, a disturbing report from InvestementNews earlier this week tallied $1.66 billion in bond losses over the first […]