WASHINGTON -- GIC finders have emerged as the newest players in the municipal market, but some bond lawyers say they are merely disguised GIC brokers trying to hide their fees and avoid arbitrage restrictions.

The GIC finder, according to the lawyers, finds new business for providers of guaranteed investment contracts. GIC finders may operate independently or they may work for one or more providers of the contracts, but they get paid only if they succeed in bringing a GIC provider new business.

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