More than 525 state treasurer and their associates, investment bankers, traders, and bond lawyers, will turn out for the largest meeting of the National Association of State Treasurers in that organization's 16-year existence.

"Adversity breeds activism," said one treasurer almost a decade ago, as the organization mobilized to confront federal financial cutbacks and incursions into the tax-exempt market. The same sentiment holds true today, when 33 of the 50 states have had to cut their budgets in the face of deficits.

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