Get SF Weekly Newsletters

Tuesday, May 19, 2009

Anti-Social Investment Watch: Ratings Agency Downgrades Half Moon Bay 'Vampire Bonds' To 'Robin Hood Bonds'

Posted By on Tue, May 19, 2009 at 12:40 PM

click to enlarge This economic metaphor comes equipped with a band of merry men
  • This economic metaphor comes equipped with a band of merry men
Last Week we urged anti-social investors -- the opposite of do-gooder "social investors" who shun tobacco, blood diamonds, and the like -- to load up on a pending "vampire bond" coming out of Half Moon Bay, 30 miles southwest of San Francisco.

The bonds were designed to pay off an apparently bloodsucking Woodside land speculator who'd purchased a piece of property out of town, then went to court because of pre-existing environmental conditions that kept him from building a housing subdivision. The developer settled for $18 million -- which the tiny city with an annual budget of $11 million planned to pay off by issuing the aforementioned bonds.

In our post last week, we suggested the bonds create a golden opportunity for anti-social investors "by allowing them to send money in the direction of a speculator whose machinations have threatened to bleed a small town to death."

New ratings released by Standard & Poor's, however, suggest the bonds might  more aptly bear an image of Robin Hood than of Count Dracula. According to The Bond Buyer, S&P said the Half Moon Bay residents are loaded, with an average income level 168 percent of the national average, so they'll easily pay off the bonds.

For anti-social investors, this means being forced to again resort to old standbys tobacco and blood diamonds.

  • Pin It

Tags: , ,

About The Author

Matt Smith


Subscribe to this thread:

Add a comment

Popular Stories

  1. Most Popular Stories
  2. Stories You Missed

Like us on Facebook


  • clipping at Brava Theater Sept. 11
    Sub Pop recording artists 'clipping.' brought their brand of noise-driven experimental hip hop to the closing night of 2016's San Francisco Electronic Music Fest this past Sunday. The packed Brava Theater hosted an initially seated crowd that ended the night jumping and dancing against the front of the stage. The trio performed a set focused on their recently released Sci-Fi Horror concept album, 'Splendor & Misery', then delved into their dancier and more aggressive back catalogue, and recent single 'Wriggle'. Opening performances included local experimental electronic duo 'Tujurikkuja' and computer music artist 'Madalyn Merkey.'"