The New Mexico Finance Authority "over-emphasized and under-prioritized the importance of bond credit ratings," in a "culture of complacency" that led to a fraudulent audit, according to an investigative report from the New Mexico Securities Agency.
Report: Rating Pressures Motivated NMFA Audit Fraud
DEC 5, 2012 5:57pm ET
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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.
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