What Muni Bonds Buy
Feb 12 2008
Would You Buy a Bridge From Warren Buffet?
The famed investor is getting into municipal-bond insurance. Too bad the industry is a racket.
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| Photoillustrations by Wes Duvall |
What they fund: Dozens of capital projects at eight U.C. campuses
Last bond issue: January 2008
Amount: $300 million
Lead underwriter: Lehman Brothers
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What they fund: Basic upkeep of New York’s massive transit system and the purchase of new trains and buses
Last bond issue: December 2007
Amount: $415 million
Lead underwriter: Citigroup
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What they fund: The massive airport's expansion of its runway capacity
Last bond issue: January 2008
Amount: $877 million
Lead underwriter: Lehman Brothers
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What they fund: A new baseball stadium for the Washington Nationals, set to open this spring
Last bond issue: May 2006
Amount: $535 million
Lead underwriter: UBS
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