$4 Trillion In Hidden Muni Liabilities: SEC Commissioner Gallagher
SEC commissioner Daniel Gallagher attacked municipalities’ accounting practices at the MSRB Municipal Securities Regulator Summit in Washington D.C. yesterday, saying that there is $3 trillion in unfunded liabilities that is being hidden from investors with accounting tricks and that “this lack of transparency can amount to a fraud on municipal bond investors.”
“In the private . . .
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