Monty Hall Meets Public Finance
First: go back and read RL's piece on some regulatory judgements against big finance players for past (bad) practices in municipal finance land: Local school districts recoup money from bid-rigging settlements
Then go read the more recent WSJ article: Bid Rigging Pact Hits a Snag
Local dots to connect in those two stories. Some local folks should really be looking to get their share of $$ in all of this, but I have this sinking suspicion that they might not be pushing too hard.
More generally on public finance. If you recall the little tempest with the bond deal that wasn't for the City of Pittsburgh just recently. It was a bit strange. Bond offerings do fail, but not all that often and when they do you have to ask yourself if your underwriter priced the debt correctly. Whatever happened last week, one of the fallouts from the bigger Wall Street tempest in the last week has been that municipal bond rates have really collapsed. If you can't get a good rate as a municipal borrower these days, then there is something going on worth digging into.