UM: Bonding

A Bloomberg Businessweek report about the impact of Detroit’s bankruptcy on bonding in Michigan quotes Erik Gordon, who teaches at the University of Michigan Ross School of Business: “Investors can’t price a bond in Saginaw or Genesee or Battle Creek if they don’t know what a general-obligation bond means. When somebody changes the rules of the game, there’s not much you can do about it, and you don’t want to play again.” [Source]