31.   It was the largest cash settlement ever in the municipal market.

32.   Lissack was dismissed in February after he publicly accused Smith Barney of ordering him to withhold information about corruption in the municipal market from regulators.

33.   New York City, the biggest borrower in the trillion-dollar municipal market, last sold bonds about a month ago.

34.   Much of that money goes to individual investors, who are the largest holders of securities in the municipal market.

35.   Politics is steeped in the municipal markets.

36.   Prudential plans to remain active in the municipal market, Perkins said.

37.   SEC Chairman Arthur Levitt has said cleaning up the municipal market was among his highest priorities.

38.   Since the Orange County fiasco, Merrill had shifted its underwriting emphasis in the municipal market toward competitive sales.

39.   Since, then, as municipal markets have calmed, the ratio has changed.

40.   Should Orange County default on its outstanding bonds, it would most likely be unable to ever borrow again in the municipal markets.