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Is calling for a my next guest Tracy's next guest agrees joining us Peter Kaufman.
Accordion a group president -- Do you think there's a lot of opaque business in the Muni bond.
Market and you would agree with the SEC in what in what areas -- we need to have more transparency.
Well it's -- -- history of the safer while including review the past you're too.
Historically bond holders municipal bond -- have never been compromised.
Issuances have been very few.
Chapter nine's which is the municipal version of Chapter Eleven -- and when they have happened.
The municipalities have compromised their public unions the pensions the collective bargaining agreements.
Firefighters teachers police and but they've left the bondholders intact and I've been asking.
What when is that in how politically does it.
Happen then you don't also ask this similarly situated from a capital structure perspective bondholders.
To have an equitable sharing of the pain and apparently the SEC.
And agrees because they're now saying wait a minute where is it didn't used to matter that there was an.
You know no no real disclosure about or municipalities finances and prospects now that I think the SEC is concerned and I think justifiably so.
Bouts of bondholders.
If I compromise when you read a prospectus on the Muni bonds you know where your places on food chain if my face is below the unions -- got me my by that bond.
I don't know who reads prospectuses but the hot -- -- -- -- you -- does -- -- -- there's no transparency there's transparency when you pick -- a prospectus and.
It's the municipalities have an exemption from the SEC.
And it actually bond holders and collective bargaining agreements and pension so they're all the same.
There on the same level must you've got -- if it's your general obligation bonds insult the same level and -- all the SEC is saying is.
You better start being be where because some of these things make -- -- saying it municipalities are not releasing the information they should be.
Up -- I'm simply observing that suddenly the Le hello -- first time ever bought bonds got -- -- conference but.
By 50% I think the SEC is tumbling effect this may happen more often now Rhode Island last year.
Passed a law saying we're exempting.
Chapter nine -- -- nations so we're always gonna keep our bond holders pristine.
But against other tough and I mean it's the costs will go up I would never buy a bond if I knew the unions who inevitably brought the municipality down in the first place got paid first.
You wouldn't he would -- cost go up in the municipality couldn't afford that.
And that's -- bottom line on that right because why would.
Any money they need right.
Not appropriately yeah get into this -- all right you'll group was some a lot of the latest -- we have -- effectively we advise the transfer workers union America's you know.
-- -- And -- you know the TW a strong leadership.
Who was created options and option now -- in this very sad story there's nothing happy about this but the union voted to accept a compromise rather than what the other two unions do we wish them well.
To leave it to the judge to decide to they get everything -- -- investigation everything or nothing that's on everything and we've got option Alley because.
World -- saving jobs and creating options for members and so we're supportive of American to the extent.
That we you know we like their plan of -- -- reorganization but we're also open and available.
To see if a merger option will -- but more jobs I remember so it's sort of for the TW it's you know it's a great result in a bad situation.
OK very good it -- -- -- great stuff thanks thank you very much we should mention by the way.
Not exactly like gangbusters but what is the -- into positive territory of about two and a half points but would noteworthy.
It's green will gray get well about me -- -- not going to -- -- -- chartered is in selling the mayor of London.
NASA call them on plot capital and that's it.
After New York State accuse the UK bank of money laundering -- -- have a fire ran -- that fight is getting down right.
CN personnel and and who better to cover of the -- on CNN.
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