There is a lot of talk right now about negotiated versus competitive sale of bond issues, all due to the New Jersey Bond Scandal of 1993.

It's a subject I had a lot of fun with in these pages in 1990 and 1991, much to the consternation of a lot of bankers. My point at the time, and I have not wavered in my opinion since then, was that municipal bond issues were being overwhelmingly brought to market by negotiated sale, and I thought there was something wrong with that.

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