via Bloomberg:
The Vanguard Group holds about $415 million of municipal bonds issued on behalf of PG&E Corp., about half of the $920 million state and local debt sold for the California utility that’s edging toward bankruptcy because of the fallout from devastating wildfires.
But all but $2 million of the bonds held by Vanguard are backed by banks that act as buyers of last resort for the securities, insulating the money manager from risk, said Freddy Martino, a spokesman. Martino declined to comment on PG&E’s impending bankruptcy, though he said the firm’s holdings have declined about $15 million since its filings at the end of December.
Trending:
- Israel Introduces A New Bill To Outlaw Teaching The Gospel of Jesus Christ and Imprison Violators
- Large investors tried to redeem, and Blackstone said “sorry, no”. There is no buyer. This is 2008 again.
- China will officially join Iran to arm Russia, “if Kyiv does not accept the Chinese peace plan”
- The Great Financial Collapse of 2023. Comparison of Bear Stearns’ collapse in March 2008 and Credit Suisse in March 2023.
- OPRAH STANDS TO LOSE $590 MILLION AFTER COLLAPSE OF SVB
- Deadly Fungus Spreading Rapidly Through Hospitals
- Sperm has been almost entirely replaced by spike proteins
- Sending Depleted Uranium Munitions To Ukraine Is A War Crime Against The Ukrainian People
- Mexico begins to Confiscate and Seize American business in Mexico
- Literally 20+ media taking images of two people
Views: 2