MuniLand

As you watch this video of Harrisburg Mayor Linda Thompson trying to justify why she is suing City Controller Dan Miller over a relatively minor issue, you can understand the high level of political dysfunction in the busted capital of Pennsylvania.

Good Links

State Impact:  A new interactive look at the Texas drought

Atlantic Cities: The real boundaries of the Bible Belt

Fitch Ratings: Playback: Fitch discusses wide pension burdens of U.S. states

MSRB: Muniland overseer encourages voluntary disclosure of bank loans by governments

Bond Buyer: Bank of America Merrill is top muniland underwriter

Learn Bonds: How to tell if a municipal bond is tax-free?

Detroit News: City and state approve Detroit consent deal

Reuters: Detroit avoids state takeover, more oversight looms

Chicago Tribune: Former chief of staff to Illinois governor tapped to lead budget office

Chicago Sun-Times: Aldermen insist questions remain on mayor’s Infrastructure Trust proposal

Pensions & Investments: BNY Mellon to face pension funds’ claims over mortgage bonds

Reuters:  David Lerner’s brokerage fined $2.3 million for excessive bond markups

PF2: PF2 will release free, open-source public-sector credit framework next month

WaPo: Public-pension pitfalls: What municipal budget troubles mean for bond investors

@Twitter Talk

Rick Snyder  @onetoughnerd Approval of the Detroit consent agreement sends a clear message that we will move forward as one Michigan

Mayor Dave Bing  @mayordavebing The Detroit City Council’s vote tonight represents a pivotal moment in Detroit’s history.

Gary A. Brown  @garybrown4det Hope is not a strategy. Leadership was the responsible step today as Detroit City Council approved consent agreement http://conta.cc/HjNDo1

Silla Brush  @sabrush Fed’s Lacker says Volcker rule may be ‘impossible’ to implement

MSSB GIC @MSSB_GIC Muni values improve as yields rise.   See page 11 Chart in OTM April  http://bit.ly/HMRS9v

Kamakura Corporation @KamakuraCo CDS trades in State of California last week? 3
Brian Chappatta  @BChappatta Fun slideshow (depending where you live): Most & Least Taxing States 2012 http://bloom.bg/HMSXmB

Rochester Funds  @RochesterFunds More from Scott: “Many of the naysayers and fear-mongers in the muni market came up empty-handed in their predictions”

Jesse Drucker  @JesseDrucker The Impact of State Income Taxes on Low-Income Families in 2011:  http://bit.ly/HWYdiJ

Randall Jensen  @randalljensen California sets $1.3 billion general obligation bond sale for April 12, smaller deals later in the month http://ow.ly/a4Xxy

Heather Long  @byHeatherLong Harrisburg debt saga followers take note: 6 of 7 council members now support bankruptcy. Patty Kim says it’s now only way 4 fair shake