BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow...

BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Attempts to recoup about $64 million in taxpayer money invested by former Jefferson County Treasurer Mark Paschall shortly before he left office have come up with nothing. Griffin hasn't heard from Capital Securities of America, an Ohio-based firm that brokered what state officials say are improper investments. Griffin has sent two letters to the firm - one in January and one early this month - demanding it repurchase the securities. Colorado Treasurer Cary Kennedy also notified Capital Securities in a June 6 letter that state law requires the repurchase of the improper securities within one business day of the demand letter from the county. Griffin said her office is closely watching the market for an upswing so the securities can be sold at the best possible rate. 'If there is any chance where we can look good,' Griffin said, 'we're going to sell and then go to court for the difference.' State and county officials have questioned the legality of four investments in collateral mortgage obligations, or CMOs. The law prohibits most public entities from purchasing CMOs unless the securities are rated by at least two independent national rating agencies and at the highest level, according to the Colorado attorney general's office. If by some miracle there is a short term upswing I am quite sure that Jefferson County will be looking for more (as in to get out even). As for filing a lawsuit... It's hard to collect from an entity that is bankrupt. The details are sketchy here so I am making assumptions, but all in all the odds of Jefferson County getting out whole on this bet seem close to zero. The law prohibits most public entities from purchasing CMOs unless the securities are rated by at least two independent national rating agencies and at the highest level, according to the Colorado attorney general's office. The content on this site is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a position in any company or advertiser referenced above. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions.