WASHINGTON — Now that the first shoe has dropped in the Justice Department's criminal investigation of alleged anti-competitive activities in the municipal derivatives and investment markets, what comes next in 2010?

"It's the first of many shoes to fall out of the closet," predicted Christopher "Kit" Taylor, the former executive director of the Municipal Securities Rulemaking Board, referring to Justice's nine-count indictment in late October against CDR Financial Products Inc., its founder David Rubin, as well as a current and former firm official. The indictment marked the first criminal charges stemming from the investigation, which has been ongoing since 2005.

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