Despite decades in The Business, every day I learn something new. And today, I learned about this and said "you have got to be fucking kidding me" to myself. Nassau County, NY et al, in the United States, and niche muni bond risks...
The magic of the US muni market/industry is that you can take almost anything that looks like a revenue stream and securitize it into debt to get a big upfront pop of money instead. The PROBLEM with the US muni market/industry is that you can take almost anything that looks like a revenue stream...
Pick your kink:
Competence porn
or
Incompetence porn
How many historical books will lead off with the algae as an opening metaphor
