{"id":5101,"date":"2011-01-18T00:00:00","date_gmt":"2011-01-18T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/01\/jpmorgan_chase_co_ceo_warns_mu"},"modified":"2022-04-03T16:35:33","modified_gmt":"2022-04-03T21:35:33","slug":"jpmorgan-chase-co-ceo-warns-mu","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-chase-co-ceo-warns-mu\/","title":{"rendered":"JPMorgan Chase & Co. CEO Warns Municipal Bond Investors to Expect More Bankruptcies"},"content":{"rendered":"

According to JPMorgan Chase & Co. <\/a>(NYSE: JPM) Chief Executive Officer Jamie Dimon, investors of the municipal bond market can expect expect more bankruptcies. He spoke at the investment bank\u2019s annual healthcare conference and called for those investing in the $2.9 trillion public dept market to be cautious. Dimon is not alone in his prediction. Cities, such as Harrisburg, Pennsylvania and Detroit, Michigan, have also talked about possibly filing for bankruptcy.<\/p>\n

Dimon\u2019s statements come even as the number of bankruptcy filings has gone down. Bloomberg.com reports that while 10 municipal entities sought bankruptcy protection in 2009, just five bankruptcy filings were made last year. The largest last year was a South Carolina toll road that had over $300 million in debt. Also, in 2008, Vallejo California sought bankruptcy protection after it didn\u2019t win union pay cuts.<\/p>\n

Now, Liberty Mutual Holding Co. has reduced its municipal debt holdings in California, Connecticut, and Illinois. At the end of 2009, it had about $15.5 billion in municipal securities. As of last September, it had about $13.7 billion in municipal securities, or about 20% in invested assets. Moody\u2019s Investors Service has given Liberty Mutual\u2019s holdings in Illinois an A1 rating. Its holdings in Connecticut have been rated Aa2. Insurer Allstate also has had to reduce its municipal securities holdings.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to JPMorgan Chase & Co. (NYSE: JPM) Chief Executive Officer Jamie Dimon, investors of the municipal bond market can expect expect more bankruptcies. He spoke at the investment bank\u2019s annual healthcare conference and called for those investing in the $2.9 trillion public dept market to be cautious. Dimon is not alone in his prediction. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3958,3951],"tags":[],"class_list":["post-5101","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase","category-municipal-securities"],"yoast_head":"\nJPMorgan Chase & Co. 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