Change can be glacial, but it happens
Bloomberg digs a little deeper into the story of pension-fund woes and finds California municipalities are already adopting changes, with more to come:
The thing I hear most often about muniland is how murky the market is. It is rather astounding that the municipal market is so little understood given its size and its effects on state and local governments and tax rates. To help shake the market up and create more transparency, I thought it would be helpful to start gathering muniland data sets for people to start playing with. Have at it, friends. Please send over any interesting findings.
How does $775 billion of bonds go missing?
There is a sleeper story in muniland about a big pile of just-discovered municipal bonds. The story has some odd twists and turns. John McDermott of FT Alphaville scooped the details yesterday:
Centers of power, by their nature, seek to control and hide information, but civil societies and stable governments require transparency to create the bedrock of confidence among their citizens. Every government must commit itself to open dealings and renew that commitment on an ongoing basis. We have good news from the state of Vermont that this commitment has spread to the state and local level.