I would like to share with you a few thoughts about our industry from an issuer's perspective. I happen to have a high level of confidence in the integrity of the market. Since I have knowledge primarily of happenings in New York State, my knowledge of the municipal industry nationwide comes from trade publications and industry sources.

With more than 15,000 municipal issues sold annually and literally billions of dollars of transactions taking place every year in the primary and secondary markets, the fixation on a handful of alleged wrongdoings does not in my mind create a crisis of confidence in the bond market.

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