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How Wall Street “innovations” cost taxpayers millions

MAY 3, 2017 | THE FISCAL TIMES

By Marc Joffe, includes “… Ultimately, Ambac and FGIC went bankrupt, despite their AAA ratings. Every municipal bond insurer failed or suffered large credit rating downgrades during the financial crisis. In retrospect, we can see that the whole municipal bond insurance industry arose from misaligned credit ratings. … For a new Mercatus Research paper, Dr. Kenneth Kriz and I calculated “All-in Total Interest Costs” for general obligation bonds issued by California school districts rated AA and below …”

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