Municipal borrowing/bond isusances scrutinized

Being a CFO in a publicly funded organization, I read this artricle with much interest. In this case, a budget director for a city was found by the SEC to have made material false statements in documents securing financing/issing bonds for the City of Miami. In the past, publicly funded entities have been able to borrow and issue bonds with very little scrutiny but obviously that has changed in many ways. It certainly is representative of the evolution of public finance.
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539727618#.UfJ7ZBYZ5n8

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