Slow To Wake, But Deadly When Woken: Muni Clients

Footnoted.org points out that Wachovia appears to be the focus of some of the same attentions that seem to have attached to Bear Stearns with respect to the municipal bond markets. They point to an article in The Bond Buyer ("The Daily Newspaper of Public Finance") with more details, including the proposition that there is a joint IRS, SEC, Justice Department investigation underway in addition to the number of civil suits already flowing around.
It is looking to be a difficult year for Wall Street (is Wachovia "Wall Street"?) all around.
Trying to slip through the cracks at Wachovia [Footnoted.org]
Third Suit Names Wachovia [Bond Buyer]


Behind the Massive Conspiracy to Rig the Muni Bond Market

If you thought the SEC’s charges against Goldman Sachs poured fuel on an already-raging populace fire, Wall Street’s involvement in a massive bid rigging scandal in the $2.8 trillion municipal bond market will fan the flames even more.