Detroit Blocks Other Cities From Bond Market

Two weeks after Detroit declared bankruptcy, cities, counties and other local governments in Michigan are getting a cold shoulder in the municipal bond market. J.C. Penney Co Inc is searching for a new chief executive to replace Myron Ullman, with top investor Bill Ackman pushing to have one named in 30 to 45 days. As a blackout of CBS channels to Time Warner Cable subscribers neared a week, the two sides continued to blame each other's stance on the digital-content terms for a lack of progress in their ongoing negotiations. Data from the U.S. central bank showed foreign central banks' overall holdings of U.S. marketable securities at the Federal Reserve fell in the latest week.
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