Whoops

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DEFINITION of 'Whoops'

Slang for the Washington Public Power Supply System (WPPSS), which made the record books with the largest municipal bond default in history.

INVESTOPEDIA EXPLAINS 'Whoops'

During the 1970s and 80s, the WPPSS financed the construction of five nuclear power plants through the issuance of billions of dollars worth of municipal bonds. In 1983, due to extremely poor project management, construction on a couple of plants was canceled, and the completion of construction on the remaining plants seemed unlikely. Consequently, the take-or-pay arrangements that had been backing the municipal bonds were ruled void by the Washington Supreme Court. As a result, the WPPSS had the largest municipal debt default in history.... Whoops!

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RELATED FAQS
  1. What is "whoops" and how did it come to refer to one of the biggest municipal bond ...

    The Washington Public Power Supply System (WPPSS) was formed in the 1950s to make certain that the Pacific Northwest had ... Read Full Answer >>
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    A company should consider issuing a corporate bond versus issuing stock after it has already exhausted all internal forms ... Read Full Answer >>
  3. How is a corporate bond taxed?

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  4. How do I use the principles of convexity to compare bonds?

    Convexity, along with another principle known as duration, is an important consideration when assessing bond risk. All else ... Read Full Answer >>
  5. What is affected by the interest rate risk?

    Interest rate risk is the risk that arises when the absolute level of interest rates fluctuate. Interest rate risk directly ... Read Full Answer >>
  6. How can I calculate the carrying value of a bond?

    The carrying value of a bond is the net amount between the bond’s face value and any unamortized premiums or minus any amortized ... Read Full Answer >>
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