Will Detroit’s bankruptcy put a damper on individuals who buy bonds?
If you look at who owns municipal bonds, you’ll discover that most (75 percent) of the outstanding principal is in the hands of individuals, either directly or indirectly through funds.
Amazingly, there are more than 1 million individual bonds outstanding, representing $3.7 trillion in principal, according to the Securities and Exchange Commission’s July 2012 Report on the Municipal Securities Market. Ninety-nine percent of...
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