Richard Lehmann & Associates Inc. is a research and newsletter publishing firm that has been tracking municipal bond defaults for over 30 years.
Richard Lehmann is a columnist with Forbes magazine and a recognized authority on municipal bond defaults. He has written and testified before Congress on multiple occasions on defaults over three decades.
While information transparency in the Municipal Market has improved significantly over the last decade, reporting compliance still falls short of where it should be. Failure to report in a timely and complete manner is hit or miss and enforcement or penalties for shortcomings are missing, even when the culprits are trustees or private parties, i.e. conduit issuers. In addition, many of the conduit bonds being issued appear motivated more by the lack of constraints on full disclosure and financial viability. We highlight such abuses in the belief that this is the first step in bringing about improvement.
The Municipal Bond Market is one of the foundational strengths of our economy and needs protection from those who would use it to serve their needs without any measurable public benefit. Lax disclosure practices have left this market with numerous abuses and building problems which threaten to erode confidence and future market stability thereby, harming all market participants.