Market analysis of municipal bonds, pension reforms, and bank valuations (April 2012)

The passage is a routine financial commentary with no specific allegations, names, transactions, or actionable leads involving high‑profile officials or entities. It merely reports aggregate data on p More than 40 states reduced pension liabilities via higher employee contributions and higher retirem Municipal bond defaults from 1970‑2011 totaled 71, with a 65% average recovery rate. State tax col