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SEC Probing Municipal Bond Sales; `Correlation' Found To Political Donations
- Article from:
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The Washington Post
- Article date:
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October 28, 1994
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Copyright informationCopyright 1994 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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At least two dozen investigations of wrongdoing in the
municipal bond market are underway and charges could be brought in
some of the cases by early next year, the Securities and Exchange
Commission said yesterday.
The SEC has found "some correlation" between the local
political contributions made by firms and the amount of business
they were seeking from the local governments, said Gary N. Sundick,
the agency's associate director of enforcement.
"That does not necessarily mean there is a case there," Sundick
said.
He described a wide-ranging investigation examining whether
sizable political contributions played a role in how Wall Street
firms win contracts for municipal bond ...