David C. Clapp, one of the most influential executives in the municipal bond business, is expected to formally annonce his retirement from Goldman, Sachs & Co. tomorrow, sources at the firm say.

Clapp, a general partner and head of the firm's municipal bond department, served as 1993-94 chairman of the Municipal Securities Rulemaking Broad through September, shepherding the industry through one of its most turbulent periods in memory.

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