When it comes to municipal derivatives, Wall Street has brutalized the poor Keystone State. Though many municipalities, such as Alabama’s Jefferson County, have suffered bigger losses from muni swaps, Pennsylvania is like a cancer cluster of bad derivative deals. State Auditor General Jack Wagner wants to do something about that, and last month he announced that Pennsylvania is creating a public registry of local government swaps. I hope this is a trend for other states. From the office of the Auditor General:
It’s a glorious spring day in America and everything continues to bounce along. A little progress here and some fall back there. Oh and that unpleasant negative ratings watch on United States debt from Standard & Poor’s. Yeah that is not good. Welcome to a new week in muniland.