Charlie Gasparino reports that in the wake of Meredith Whitney’s apocalypse prediction, “investors have sold their muni holdings in droves,” with PIMCO being hit “particularly hard.” Though he’s remained civil in public, the usually affable Bill Gross feels like he’s been kicked in the cojones and has supposedly “launched an all-out war to discredit Whitney’s research in an attempt to restore confidence in the $3 trillion municipal-bond market.” Read more »
Alexandra & James, the Lebenthal’s family wealth advisory business, continues to recommend that its clients buy munis. There are some cities and states which the firm avoids, but Lebenthal continues to recommend double-A and triple-A bonds. Investors should not sell, she added, regardless of Whitney’s warnings.”I don’t dispute her knowledge of the investment banks, but she is not a municipal bond expert,” Lebenthal said. “I would put any muni analyst in a room with her — on TV, outside in the school yard — and see who comes out ahead.” [Reuters via BI]
Bloomberg TV has been around for years, but it has generally been considered too wonky for all but the wonkiest finance types. In the past year, however, the network has hired new on-air talent (most prominently Margaret Brennan, from CNBC), consolidated the eye-boggling number of crawls that used to clutter the bottom half of its screen, and expanded its coverage of general business news rather than focusing almost exclusively on high finance. “There’s an audience that may have been with CNBC that’s going to be attracted by the kind of presentation we’re doing,” says recently hired head of Bloomberg TV, David Rhodes.
Is Fox Business Network A Lost Cause? [Vanity Fair]
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