municipal bond debt

municipal debt bonds

Christopher "Kit" Taylor, the former chief regulator and executive director of the Municipal Securities Rulemaking Board from 1978 to 2007, said the members of the board wouldn't allow the group to set rules on credit default swaps and derivatives for the $2.69 trillion municipal bond market.

"The big firms didn't want us touching derivatives.

They said, 'Don't talk about it, Kit.'

I saw bankers looking out for their self interest in my years at the MSRB.

The attitude changed from, 'What can we do for the good of the market,' to, 'What can we I do to ensure the future of my business.'

The profit wasn't in the underwriting, it was in the swap.

Right up until the day we went to real-time disclosure, I was getting calls from bankers wanting to delay it.

The only ones who benefited from delaying transparency were those who profited from the trades."- Christopher "Kit" Taylor

1975 Congress set up the Municipal Securities Rulemaking Board to make rules for firms that underwrite, trade and sell municipal debt.

The board, funded by member firms, generates $22.2 million in fiscal 2008..

As a self-regulatory organization, members of the industry are granted the authority to supervise their own practices.

A 15-member board oversees the organization and 10 of the directors are from Wall Street firms.

Enforcement is handled by the Securities and Exchange Commission.

August 1983 Washington Public Power Supply System bonds to build five nuclear reactors default.

January 2010 Las Vegas Monorail bonds default.

November 9, 2011 Jefferson County Commission voted 4 to 1 to declare bankruptcy on roughly $4 billion in municipal debt.

2011 28 defaults totaling $522 million.

June 28, 2012 Stockton files for Chapter 9 protection.

2012 21 defaults on muni debt totaling $978 million, according to Richard Lehmann, publisher of Distressed Debt Securities Newsletter.

July 18, 2013 Detroit files for bankruptcy on a municipal debt of $20 billion.

Aug 04, 2015 Puerto Rico defaults on a $58 million bond.

July 1, 2016 Puerto Rico defaults on $ 2 billion bond.

unique library index

This web site is not a commercial web site and is presented for educational purposes only.

This website defines a new perspective with which to engage reality to which its author adheres. The author feels that the falsification of reality outside personal experience has forged a populace unable to discern propaganda from reality and that this has been done purposefully by an international corporate cartel through their agents who wish to foist a corrupt version of reality on the human race. Religious intolerance occurs when any group refuses to tolerate religious practices, religious beliefs or persons due to their philosophical ideology. This web site marks the founding of a system of philosophy named The Truth of the Way of the Lumière Infinie - a rational gnostic mystery religion based on reason which requires no leap of faith, accepts no tithes, has no supreme leader, no church buildings and in which each and every individual is encouraged to develop a personal relation with the Creator and Sustainer through the pursuit of the knowledge of reality in the hope of curing the spiritual corruption that has enveloped the human spirit. The tenets of The Truth of the Way of the Lumière Infinie are spelled out in detail on this web site by the author. Violent acts against individuals due to their religious beliefs in America is considered a "hate crime."

This web site in no way condones violence. To the contrary the intent here is to reduce the violence that is already occurring due to the international corporate cartels desire to control the human race. The international corporate cartel already controls the world economic system, corporate media worldwide, the global industrial military entertainment complex and is responsible for the collapse of morals, the elevation of self-centered behavior and the destruction of global ecosystems. Civilization is based on coöperation. Coöperation does not occur at the point of a gun.

American social mores and values have declined precipitously over the last century as the corrupt international cartel has garnered more and more power. This power rests in the ability to deceive the populace in general through corporate media by pressing emotional buttons which have been preprogrammed into the population through prior corporate media psychological operations. The results have been the destruction of the family and the destruction of social structures that do not adhere to the corrupt international elites vision of a perfect world. Through distraction and coercion the direction of thought of the bulk of the population has been directed toward solutions proposed by the corrupt international elite that further consolidates their power and which further their purposes.

All views and opinions presented on this web site are the views and opinions of individual human men and women that, through their writings, showed the capacity for intelligent, reasonable, rational, insightful and unpopular thought. All factual information presented on this web site is believed to be true and accurate and is presented as originally presented in print media which may or may not have originally presented the facts truthfully. Opinion and thoughts have been adapted, edited, corrected, redacted, combined, added to, re-edited and re-corrected as nearly all opinion and thought has been throughout time but has been done so in the spirit of the original writer with the intent of making his or her thoughts and opinions clearer and relevant to the reader in the present time.

Fair Use Notice

This site may contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of criminal justice, human rights, political, economic, democratic, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information see: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Dedicated to the establishment of knowledge, truth, justice and a clear understanding of reality as the American way!
Copyright © Lawrence Turner
All Rights Reserved