U.S. leaders investigate bid rigging in muni-bond market

01/9/2009 | International Herald Tribune

U.S federal agencies and state officials have for years investigated what appears to be massive collusion between banks and other financial firms in the municipal-bond market. A retired manager from the Internal Revenue Service said it is fairly common for officials to "sell" a bond deal and that "pay to play in the municipal-bond market is epidemic."

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