Fed Probe into Gov. Richardson Case Gives Rare Glimpse into Wrongdoing in Municipal Bond Biz

Gov. Richardson
Gov. Richardson

More dirt on the financial dealings in this country can’t make us feel very good.

New York Times

The federal investigation that prompted Gov. Bill Richardson of New Mexico to withdraw his nomination as commerce secretary offers a rare glimpse into a long-simmering investigation of possible bid-rigging, tax evasion and other wrongdoing throughout the municipal bond business.
Three federal agencies and a loose consortium of state attorneys general have for several years been gathering evidence of what appears to be collusion among the banks and other companies that have helped state and local governments take approximately $400 billion worth of municipal notes and bonds to market each year.
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