Cliff Gannett, who helped establish the Internal Revenue Service’s tax-exempt bond office and is about to retire, warns muni market organizations should use more caution when endorsing transactions that turn out to be abusive.

“I do think they should be a little more circumspect about supporting these specific transactions before they understand all of the facts and circumstances,” Gannett said in an interview with The Bond Buyer. These kinds of rushes to judgment could harm the muni market over the long term, he added. 

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