SEC Investigating Whether Munis Are Accurately Disclosing Budget Woes - Gasparino
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According to a report from FOX Business Network's Charles Gasparino the U.S. Securities and Exchange Commission is investigating whether municipalities are adequately disclosing their budget woes to investors.
"The SEC is ramping up a probe into troubled muni bonds. Sources are telling the they are looking at disclosures made in the bond documents, they are known on Wall Street as prospectuses. What they are looking at whether municipalities, cities and states, are adequately disclosing their budget woes to investors who buy these bonds," Gasparino said.
The report added that muni bonds are held by retail investors more than any other investment, especially by those looking to cash in on triple tax free status.
"The SEC is ramping up a probe into troubled muni bonds. Sources are telling the they are looking at disclosures made in the bond documents, they are known on Wall Street as prospectuses. What they are looking at whether municipalities, cities and states, are adequately disclosing their budget woes to investors who buy these bonds," Gasparino said.
The report added that muni bonds are held by retail investors more than any other investment, especially by those looking to cash in on triple tax free status.
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