Cardone’s getting lots of exposure for that......was on Fox.
Atlas is Shrugging
Comments on Cardone story:
<><>As a fixed income stock broker, I have been busy selling NY and NYC tax free and corporate bonds from banks ain insurance portfolio.
<><>bank owner (who owns 15 branches): “Sell every muni bond in our AFS portfolio from NY or NYC despite rating. Put them in winner states.”
<><>yield up with Arkansas school bonds Aa2 rated with state aid withholding insurance and NE road construction bonds.
<><>People are quietly selling and divesting of NY. It will be a bloodbath.
<><>banker mentioned above sent email that bank board is meeting at 0930 est to vote on selling all NY bonds from their HTM account. AFS=Avail. for sale, HTM=hold to maturity. They want OUT of NY.
<><>have your broker check TMC (the muni center) or Bloomberg for open bids on NYC corp. bonds and taxable and tax free muni bonds. They are on sale.