Will Miami Declare Bankruptcy?

Are the ‘waves’ of municipal debt breaking on Miami Beach about to overwhelm the city and force it to declare bankruptcy? Do not rule it out. If Miami goes this route, will that cause a domino effect for other municipalities around the country, including Los Angeles?

The risk of bankruptcy is very real. Thanks to a loyal Sense on Cents reader for bringing the impending financial doom in Miami to our attention. While municipal finances in our country encompass a whole set of issues, a common denominator is the crush of pension liabilities accrued by unions.

Renegotiating those liabilities will cause real pain and anxiety in many cities and towns. Would they lead to actual civil unrest? I hope not but we should not be so naive nor presumptuous.

This video is a brief 2-minute clip. The wealth of information runs much longer than that.

About Larry Doyle 522 Articles

Larry Doyle embarked on his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation. He was involved in the growth and development of the secondary mortgage market from its near infancy.

After close to 7 years at First Boston, Larry joined Bear Stearns in early 1990 as a mortgage trader. In 1993, Larry was named a Senior Managing Director at the firm. He left Bear to join Union Bank of Switzerland in late 1996 as Head of Mortgage Trading.

In 1998, after 15 years of trading and precipitated by Swiss Bank’s takeover of UBS, Larry moved from trading to sales as a senior salesperson at Bank of America. His move into sales led him to the role as National Sales Manager for Securitized Products at JP Morgan Chase in 2000. He was integrally involved in developing the department, hiring 40 salespeople, and generating $300 million in sales revenue. He left JP Morgan in 2006.

Throughout his career, Larry eagerly engaged clients and colleagues. He has mentored dozens of junior colleagues, recruited at a number of colleges and universities, and interviewed hundreds. He has also had extensive public speaking experience. Additionally, Larry served as Chair of the Mortgage Trading Committee for the Public Securities Association (PSA) in the mid-90s.

Larry graduated Cum Laude, Phi Beta Kappa in 1983 from the College of the Holy Cross.

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1 Comment on Will Miami Declare Bankruptcy?

  1. What a poorly written and misleading article. The city that's in financial trouble is the City of Miami. Why did you reference the City of Miami Beach? You do know that the City of Miami and the City of Miami Beach are separate entities, right? You do know that? Here, I will show you. Imagine if your article were written this way. Title:
    "Will Los Angeles Declare Bankruptcy?" First sentence of article: "Are the ‘waves’ of municipal debt breaking on Cape Cod about to overwhelm the city and force it to declare bankruptcy?" That would not make any sense. By the same token, neither did you article.

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