City To Big Mac: So Long

The Municipal Assistance Corp,(MAC), the state agency created to rescue New York City from the threat of bankruptcy in the mid-1970s, posted legal notices in October announcing it would cease to exist on July 1, 2008, the expiration date set by law. Big MAC, as it was called, hasn't had much to...

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Bibliographic Details
Published in:Bloomberg Businessweek 2007-11 (4059), p.26
Main Author: By Anthony Bianco Edited By Deborah Stead
Format: Magazinearticle
Language:English
Subjects:
Government agencies
Government shutdowns
Municipal bonds
State government
Online Access:Get full text
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Summary:The Municipal Assistance Corp,(MAC), the state agency created to rescue New York City from the threat of bankruptcy in the mid-1970s, posted legal notices in October announcing it would cease to exist on July 1, 2008, the expiration date set by law. Big MAC, as it was called, hasn't had much to do since 2004, when the city--now the picture of financial health--refunded the last of its bonds, which totaled nearly $10 billion at peak issuance.
ISSN:0007-7135
2162-657X