Whitney Defends Predicted ‘Hundreds of Billions’ in Muni Defaults
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Meredith Whitney, the analyst who correctly predicted Citigroup Inc.’s 2008 dividend cut, defended her prediction of “hundreds of billions of dollars’ worth” of municipal-bond defaults.
Whitney, 41, speaking today at the Milken Global Conference in Beverly Hills, California, said local governments in states such as California, Nevada, Arizona and Florida that are dependent on the housing and construction industries for higher tax revenue would continue to struggle financially.