Municipal SMAs: Behind the Velvet Rope of Regulation
Brown Advisory
JUNE 14, 2017
Investors who never contemplated the concept of “municipal bankruptcy” previously would later be forced to add the term into their vernacular, spurred by bankruptcies of Jefferson County, Alabama in 2011; Stockton and San Bernardino, California in 2012; and Detroit in 2013. The results were discouraging.
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