"Any connection between political contributions and the awarding of business is over; it's done; it will not be tolerated; and it will be punished."

These strong words were uttered last Wednesday by Christopher Taylor, executive director of the Municipal Securities Rulemaking Board, and they represent his finest hour. They mark the beginning of a new era for the municipal bond business, an era unsoiled by investment bankers making substantial campaign contributions to government officials in order to get their underwriting business.

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