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

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.

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