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Resource ID: #22645
Subject: Banks
Source: Bloomberg News (New York)
Date: 2005-12-23



In the 1970's, municipal finance work was awarded to banks through competitive bidding. Now 81% of all bond work is awarded without public bidding. Also banks now routinely use derivative contracts that are so complicated that public officials often do not know exactly what they are signing. This has led to hidden costs for the public when banks over-charge municipalities with hidden fees.

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