Many municipal market players last week said New York City would be better served by only one financial adviser, despite the city comptroller's contention that two firms are needed.

The debate over the city's selection of a financial adviser began last week, after officials representing Mayor Rudolph Giuliani announced they would block a move by Comptroller Alan Hevesi's staff to appoint two firms as the city's financial adviser, including one minority-owned enterprise. Both the mayor's office and the comptroller's office select firms to serve as financial advisers and bond underwriters.

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