The Port Authority of New York and New Jersey is the owner of the World Trade Center. Bloomberg reports Goldman Sachs just had trouble auctioning Port Authority variable rate paper — with the rate soaring to 20%.
Auction-Bond Failures Roil Munis, Pushing Rates Up
By Martin Z. Braun – Bloomberg.com (13 Feb 2008)
Are investors sick of the lies of 911? Is the Tapeworm getting ready to
scavange the assets of American municipalities? Whatever the deeper game, this development signals trouble for the value of outstanding municipal bonds and the cost of capital going forward for American counties, towns and public agencies.