61.   The two men left CS First Boston when the firm closed its municipal finance department more than a year ago.

62.   There has been almost no oversight by regulators of the municipal finance business.

63.   These are not happy days in municipal finance.

64.   This is only the latest in a string of SEC enforcement actions in municipal finance.

65.   Tully and his team said that Merrill had not violated the rule because it is only applicable to municipal finance professionals.

66.   Unlike barbers who must be licensed or teachers who must be certified, there is no formal certification or education required to become a municipal finance official.

67.   What happened next is a tale of a salesman who smelled opportunity in the sleepy backwater of municipal finance and struck a mother lode.

68.   What has upset so many people about this case is that the airport project had long been seen as an example of what is right about municipal finance.

69.   While an option only if the sales tax proposal is rejected by voters, even raising the possibility of repudiation is almost unheard of in municipal finance.

70.   Williams and Tuttle were the top municipal finance officials at First Fidelity.