The municipal finance industry has received several severe blows during the past few weeks with the decisions by Chase Manhattan Bank and Van Kampen Merritt Inc. to abandon the municipal bond industry. This follows the disappearance of other distinguished names, such as Citicorp, Salomon Brothers, and L.F. Rothschild & Co.

Although stability and continuity were the hallmarks of the municipal bond industry through the mid-1980s, it currently is witnessing wide management turbulence, financial uncertainty, and organizational unpredictability.

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