For many municipal professionals on Wall Street, the memory 10 years later of what happened on Sept. 11, 2001, is as raw as it was in the chaos following that terrible day.
The attacks at the World Trade Center wreaked havoc on Wall Street and tested the resiliency of the municipal bond market itself. Cantor Fitzgerald Fixed Income Brokers Inc., a broker-dealer that for years had supplied price quotes for The Bond Buyer municipal bond index, was virtually wiped out. Dozens of other firms on the Street suffered catastrophic losses. Regulators were forced to shut down the markets.