Illinois and California: Similar Challenges, Different Approaches

Joe Rosenblum (pictured), Neene Jenkins and John Ceffalio

Every state faces challenges when it comes to balancing the books, but not every state is equally effective at tackling them. The responses of California and Illinois to post-2008 difficulties show how different the approaches can be—and how much is at stake. (more…)


Read More


Detroit Municipal Bonds:
Who’ll Share the Pain?

Joseph Rosenblum (pictured) and Neene Jenkins

It could be several weeks or a few months. But before long, the city of Detroit is likely to default on some of its outstanding bonds and possibly file for Chapter 9 bankruptcy protection. It would be a historic bankruptcy and is sure to create uncertainty in the municipal bond market. Some types of debt will fare better than others in the final restructuring. (more…)


Read More


Hospital “Survivor”: Muni Bondholders Wait to See Who Makes the Cut

To stay solvent, hospitals run a numbers game, charging high prices to patients with private insurance to offset lower payments from Medicare and Medicaid and the uninsured. Some hospitals make a nice profit; others struggle. Now hospitals face a game changer—the Affordable Care Act, which expands Americans’ access to medical insurance but changes the reimbursement rules. (more…)


Read More