A former Newark official was indicted last week on federal corruption charges for allegedly receiving cash bribes in return for his influence in securing business contracts with the city. U.S Justice Department officials say Keith Reid, the former chief of staff for City Council president Mildred Crump, allegedly accepted $13,500 for his ability to generate Newark and Irvington Township contracts for an insurance company. Reid is charged with numerous attempted extortion and bribery charges and allegedly received a bribe on behalf of an Irvington official.Officials say Reid was recorded by undercover witnesses on several occasions accepting bribes and assuring them of his influence within local government.“We have relationships obviously in Irvington and obviously in Newark” and other municipalities, Reid said, according to the indictment. “Folks there we can pick up the phone and call and open doors.”New Jersey authorities arrested Reid and 10 other public officials in September in an undercover statewide corruption sting operated by the U.S. attorney’s office.
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"Bond market investors are all wishing that April was behind us as they are anxious to hear the Fed's statement at its next FOMC meeting," noted BofA Global Research. "The statement should be no surprise as the market consensus has converged to 'higher for longer' rates.
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CDIAC's revamped website, which launches May 1, will offer accessibility to state and local debt from issuance through maturity; and the ability to create summary reports based on search features.
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The Governmental Accounting Standards Board is looking for feedback on disclosure requirements related to infrastructure projects.
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The MSRB is warning investors that the redemption of Build America Bonds under an extraordinary redemption provision could result in losses, especially for those purchased at a premium.
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With billions of federal funding available from the Infrastructure Investment and Jobs Act, one observer says it could be limiting the amount of municipal bonds issued by the sector.
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Teague, most recently an executive director of the municipal securities department at Morgan Stanley, will focus on surface transportation.
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