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Abstract: 

Since 1992, the Municipal Finance Journal has provided edited selections from the annual conference of the National Federation of Municipal Analysts, the leading organization of municipal bond experts. In this issue, we offer selections from the 2010 annual conference held in Albuquerque, New Mexico. The keynote address is by Sylvan Feldstein, a director in the investment department at a life insurance company and, I am happy to claim, a member of the MFJ editorial advisory board. Dr. Feldstein offers a behind-the-scenes history of New York City’s “default” in the 1970s along with insightful observations about the changes in the municipal analysis industry based upon his more than 45 years in the business. State government finances are making headlines nationally, not just in their local media. A panel comprising financial advisor John Cape, market analyst Matt Fabian, public pension trustee (and former SEC chief accountant) Lynn Turner, with moderator Hannah O’Brien-Rupert, dissects the state of the states. The relationships of the states with the federal government are undergoing many changes with a presidential administration focused on domestic issues. A panel moderated by analyst Christopher Mier includes Thomas Gais of the Rockefeller Institute, Chris Hoene of the National League of Cities, Derek Dorn, counsel for economic policy to U.S. Senator Jeff Bingaman (D-NM), and William Sisneros of the New Mexico Finance Authority. A penetrating look at insolvency laws and distressed situations is the subject of a panel moderated by rating agency analyst Lisa Washburn. Senior municipal analyst Gilbert Southwell is joined by attorneys Richard Moche and Warren Bloom. Topics include a tale of two cities facing distress and their divergent results, the bankruptcy of dirt bonds and dealing with developer defaults, and the role of analysts in detecting cash flow distress. The issue concludes with a detailed review of one state’s approach to the use of Build America Bonds. Wisconsin’s capital finance director Frank Hoadley shows the value of BABs and their role in state financing.

Keywords: National Federation of Municipal Analysts Conference 2010

Affiliations:  1: Journal Editor, Georgia State University.