Far West

WASHINGTON — Virginia won applause from Moody's Investors Service this week following an overhaul of its pension system, but neighboring Maryland received flak as the credit rating agency warned its proposed budget cuts could harm the credit of local governments.

The federal prosecutors in a municipal bond bid-rigging trial that began in New York accused three executives of fraud that cost cities and towns, and the IRS, millions of dollars.

The Financial Industry Regulatory Authority has ordered six firms to pay a total of $234,924 in fines and restitution for violations of municipal securities rules, the self-regulator announced Monday.

WASHINGTON — Industry groups and municipal market professionals are urging the Municipal Securities Rulemaking Board to modify proposed rules aimed at ensuring underwriters and dealers comply with issuers' so-called retail-order periods.

WASHINGTON — The U.S. Department of Transportation has approved a $422 million TIFIA loan for construction of a new midtown tunnel and rehabilitation of existing tunnels in Norfolk and Portsmouth, Va.

WASHINGTON — As President Obama and likely Republican presidential nominee Mitt Romney battle over tax fairness and who has the lowest income tax rate, it turns out they both pay less in taxes than the average American who earns much less.

WASHINGTON — In the absence of clearer federal tax rules on issue price, a handful of bond lawyers have taken it upon themselves to assist issuers in reviewing and understanding the Municipal Securities Rulemaking Board's EMMA pricing data for new muni bonds, sources said.

WASHINGTON — The Securities and Exchange Commission announced Thursday that Matthew C. Solomon will be the new deputy chief litigation counsel in the division of enforcement, effective in June.

SAN FRANCISCO — Standard & Poor's said Wednesday it has downgraded San Jose's general obligation rating to AA-plus from AAA due to the city's weak finances.

WASHINGTON — A recently released Fitch Ratings report projects a sharp increase in the use of "managed" or HOT lanes on highways, but warns that such toll lanes will be more volatile than traditional toll roads because they are located next to non-toll roads.