Bill Gross strikes back at Meredith Whitney's latest dire forecast for municipal defaults,...

|By:, SA News Editor

Bill Gross strikes back at Meredith Whitney's latest dire forecast for municipal defaults, doubting that many local government bankruptcies will occur. “Ultimately, municipal bankruptcies will be at a lower level... I don’t subscribe to the theory that there will be lots of them." He praises Illinois’ passage of higher tax rates to help close a $13B budget gap.