For Michael Shamosh, vice president and municipal strategist at the investment bank of Cowen & Co., fiscal stability is not one of New York State's strong points.

Over the past eight years, Shamosh has emerged as one of the municipal bond community's sharpest critics of New York from a credit standpoint. Shamosh, who also worked at Yield Line Service, a portfolio management firm, and First Albany Corp., a New York regional investment banking firm, has sounded the clarion call on a range of issues affecting state bonds. They include New York's reliance on appropriated debt, high taxes, and deficit notes to balance four straight budgets.

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