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The Mechanics of Corruption III

This story in the New York Times covers municipal bond corruption in Miami. The talk about mis-leading bond buyers sounds like the accusations from Nuveen Capital in their lawsuit over the defaulted AP&T bonds.

A more serious problem, however, is that the Securities and Exchange Commission is investigating whether municipal bond proceeds were used to disguise budget deficits by paying for operating expenses rather than for the stated purposes of meeting pension obligations and acquiring a building. The commission is also seeking to determine whether Miami officials misled bond buyers by failing to disclose the city’s financial condition accurately in two bond offerings last year.

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