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.
I wish that I knew what all of that means!🤔
Sounds great but I am a simple, mathematically challenged person!🥴
Be kind, use little words and smaller sentences next time please?😉
(Just funnin🤣)
I Really don’t understand though.😟
Back in the 80s I sold some tax free leases that were done for equipment being used in the NY Prison system and the brokers were located on Church Street in NY.
Back then they were high value, high margin products and the Seal of the State of NY was golden.
BTW, the guy that signed my deal was Lt. Governor Pious The Great {the original cuomo}, but he was not a thief like his son.
I dealt with him for several years, and he never even hinted that he wanted any kind of a kickback, he was one of the few politicians that I did business with that did not seek something on the side.
Liz wrote:
“
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.
“
This, plus trucker slowdown/nondeliveries, will crush NYC.