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A More Secure Investment?
For many decades, U.S. institutional investors and large bond insurers have viewed the general obligation (GO) municipal bonds from rated investment grade municipalities as a much higher value investment vehicle than an illiquid municipal lease subject to annual appropriation. Have the recent large municipal bankruptcies and the increasing recognition of underfunded pension funds improved the attractiveness of the less liquid municipal lease? In the current climate, with cities like Stockton, CA, and Detroit, MI, causing concern for municipal investors, are the municipal lease and its annual appropriation risk are now more secure because of the fully assigned security in the municipality's essential equipment?
In the wake of the recession, unprecedented large U.S. city bankruptcies are emerging, under significantly different circumstances than previous municipal bankruptcies. The Great Recession put more declining revenue pressure on most municipal entities due to generally lower property tax revenue and a reduction in grants and revenue sharing from U.S. federal and state sources, which had been relatively stable or increasing for decades. On a national scale, the 10 worst housing markets saw declines of at least 55% from their peak (NBC News, Sept. 26, 2012).
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability
This article explores legal developments over the past year that may impact compliance officer personal liability.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.