Muni Bonds Next

Major article here. It's deja vu all over again. Transparency is just another word for "fuck you just in case" in this corrupt market. Indexes that don't really exist, markets ensconced in Soho lofts, cities delivering financial statements years late, and more bank hustles. Many cities in bankruptcy and more on the way. No word on state bonds, yet.

Congress delays legislation to improve disclosure.

Lawmakers and regulators preoccupied with the worst credit crisis since the Great Depression means investors will have to continue with a disclosure system that didn't give them Detroit's 2006 financial report until this March. Hearings in Congress to address new rules for the $2.66 trillion market that the Securities and Exchange Commission calls inadequate were canceled last month and have yet to be rescheduled.

``We have the worst disclosure standards in the world's capital markets,'