• 20 Mar 2009 at 9:59 AM

Secondary Effects

By Bess Levin

Active interest this morning in Credit Default Swaps on New York Munis. Not surprising given that New York is going to take it on the chin if the recent slew of bonus-bans takes hold. To the extent taxes are a municipality’s lifeblood, New York is about to get exsanguinated.

Comments (14)

  1. 1
    Posted by guest | March 20, 2009 at 10:01 AM

    Me trying to get a coffee in Manhattan in six months….
    http://www.youtube.com/watch?v=zuRde4VxH4I

  2. 2
    Posted by guest | March 20, 2009 at 10:03 AM

    Getting “exsanguinated” is the new killing it!

  3. 3
    Posted by guest | March 20, 2009 at 10:13 AM

    Hey, what happened to my TRADER magazine? I love reading about the swashbuckling hedge fund manager bsd’s and I especially like those ads for Bentley, Breguet and AP.

  4. 4
    Posted by guest | March 20, 2009 at 10:15 AM

    Ko reservation was surprisingly easy to get this morning

  5. 5
    Posted by guest | March 20, 2009 at 10:15 AM

    Breaking News: On heels of successful appereance on Leno, Obama to appear on Judge Judy (vs. AIG).

  6. 6
    Posted by guest | March 20, 2009 at 10:21 AM

    Spreads widening because of bonus cuts? Way to establish cause and effect EP!
    Or was this post meant to be sarcastic?

  7. 7
    Posted by american bandersnatch | March 20, 2009 at 10:28 AM

    Unless there’s a workaround on comp, Short Hills, Summit, Chatham, Madison, etc. will take it on the chin. A remarkable correlation between house prices and bonuses.

  8. 8
    Posted by guest | March 20, 2009 at 10:28 AM

    NYC is toast. The city’s infrastructure will go to hell as they’ll have no more tax money from the carcasses of finance….
    Thank god I’m in Boston…

  9. 9
    Posted by guest | March 20, 2009 at 10:33 AM

    exsanguinated…. I love you EP.

  10. 10
    Posted by guest | March 20, 2009 at 10:40 AM

    lotta people gonna take it on the chin…that’s what she said.

  11. 11
    Posted by guest | March 20, 2009 at 10:55 AM

    WTF

  12. 12
    Posted by guest | March 20, 2009 at 11:32 AM

    What seven said, and may as well add in monmouth county and most of essex, hunterdon and passaic counties. lets also throw in corzines genuis plan of eliminating the property tax deduction- upside- should be cheaper houses in ct. now…

  13. 13
    Posted by Debter | March 20, 2009 at 12:02 PM

    There is active interest every day on NY CDS as you have more than one player making markets in that and many other names (Cal GO’s, NYC’s, etc..).
    Blah

  14. 14
    Posted by PatrickBateman | March 20, 2009 at 12:09 PM

    I love this. Average Joe clamors about Wall St bonuses and then cries about New York’s budget deficit. I LOVE it. You can’t write this stuff.

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