He bragged about how much money he put into munis but I hear these are losing value rapidly and also see they had unrealized losses that doe sot show up in the numbers... Now 1 more questions how big are Travelers operations in Japan ?
Fishman, 58, put most of the company’s fixed-income investments in municipal bonds, sidestepping the losses from mortgage-backed securities that hobbled competitors such as American International Group Inc. Travelers held about $39.5 billion of municipal debt at the end of December.
Gross unrealized gains on the securities narrowed to $1.6 billion as of Dec. 31 from $2.8 billion on Sept. 30, the insurer said today in a slideshow on its website. Unrealized losses widened to $155 million from $8 million. Unrealized gains reflect increases in the market prices of investments and aren’t used to calculate net profits and losses.