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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 […]
After taking a glance back at the last 12 months, it’s clear that investors have a lot to be nervous about as we say good-bye to 2013 and hello to 2014. The top scandals of 2013, including federal officials negotiating $13 billion in fines for JPMorgan Chase, the nation’s biggest […]
As Puerto Rico’s economy continues to deteriorate and its bonds continue to erode in value, it sure seems as if the island commonwealth could use a visit this Christmas from Santa Claus. Moody’s listed the island commonwealth’s failures to access the public debt markets and declines in liquidity among five […]