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Saturday, December 09, 2006

U.S. Criminal Probe Rattles $2 Trillion Municipal Bond Market:

U.S. Justice Department prosecutors subpoenaed more than a dozen banks and insurers three weeks ago, seizing documents from three brokers in a search for evidence of bid rigging. Lawyers say it's the biggest criminal investigation of the almost 200- year-old market, where municipalities have more than $2 trillion of debt outstanding.

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