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Municipal Guidelines for Depository Institutions

May 24, 2012
Bart Smith

In late 2010, prominent banking analyst Meredith Whitney voiced an ominous outlook for the municipal bond market. In a 60 Minutes interview, Ms. Whitney prognosticated that the market “could see 50 to 100 sizable defaults” amounting to “hundreds of billions of dollars” in potential exposures. In reaction to this and other negative predictions about municipal credit, the market experienced a massive sell-off between December 22, 2010 and February 2, 2011. Over this period, investors sold off some $14 billion in municipal funds, driving down prices and resulting in returns for the fourth quarter of 2010 that were the lowest in 16 years.

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