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The Government Thinks That Major Wall Street Players Are Defrauding Municipalities
There has long been evidence to support the claim of collusion to rip off the taxpayers by treating municipal bonds far harsher than corporate (a few years ago the ratings agencies got a lot of heat for this and it looked like action was about to be taken by multiple AGs, but then the financial crisis derailed it) but this is the first leak that the government has a criminal probe into specific banks on the investment side as well.
Noted without further comment.
2 Responses to “The Government Thinks That Major Wall Street Players Are Defrauding Municipalities”
I hope this subject is broken open, even if financial-industry and “speculator” bashing is politically tainted.
There's so much here. Reform goes two ways.
Municipal and state governments are far from innocent. It's not just their mismanagement and bloated employment rolls and over-lavish retirements. The basic issue here with the muni and state governements is that they have been able to “cheat” all these years by having their interest payments be tax-free, so they have been able to artificially lower their borrowing costs! Repeal the tax laws, end tax-free status, and have them pay regular market interest rates like everyone else!
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