Muni Think

As the Securities and Exchange Commission's enforcement and litigation activity in 2012 demonstrates, the agency's focus on municipal market enforcement has increased dramatically, and this trend seems likely to continue under the SEC's new leadership.

The New York Times article, "A Stealth Tax Subsidy for Business Faces New Scrutiny," is riddled with inaccuracies of a critical development tool: private activity bonds. The story, sensational and misleading, highlights perceived misuses and abuses, while ignoring the essential public purpose that bonds serve.

The long-term care credit market has stabilized, writes Jon Barasch of Interactive Data Corp. in this commentary.

Herbert J. Sims senior vice president Richard Larkin makes a plea to keep municipal bonds tax free.

When the Obama administration argues that more financial regulation is needed to set us on the path to economic recovery, I would like to respectfully submit that the Great Recession could have been avoided, but its cause can be placed primarily on the shoulders of government, not on greed on the part of investment bankers and business people.

As we move into 2013, it is becoming increasingly clear that the U.S. public policy spotlight will continue to shine brightly on the municipal securities market.

Over the past several months, both dealers and nondealer advisors have made inflammatory public statements accusing the other of shoddy and questionable practices. Neither side, however, has a monopoly on competence or integrity.

If you take Kansas Gov. Sam Brownback at face value and think that Kansas is going to be able to take business away from Texas because of its new state tax structure, you may want to think it over.

The U.S. public policy spotlight shined brightly and consistently on the municipal securities market during 2012.

The fiscal cliff proposal being considered, which would exempt only 28% of municipal interest payments from federal tax, would do far more harm than good. A much better way to limit tax-exempt interest would be to reduce the size of the tax-exempt market.