Thursday, February 10, 2011

Where was Meredith?

Meredith Whitney, the Wall Street analyst who shot to fame predicting Citigroup's demise, was the talk of Congress on Thursday. Or at least a corner of it. And then only because she was no where to be seen. Ms Whitney had been invited to testify before a committee of lawmakers examining the health of America's $2.86 trillion (£1.8 trillion) municipal bond market. It's one of the less glamorous parts of the debt universe, covering the borrowings of the country's towns, cities and other local authorities that exist below state level. The House of Representatives Oversight and Government reform sub-committee had asked Ms Whitney to attend because she has been the talk of the market this year. The 41-year old, who cited a clash of schedules in declining the invitation, caused waves in the market after using a high-profile television interview late last year to warn that a flood of defaults was on its way.

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