THE $4 trillion market in , which finances American life where it gets lived, is stuck in the Dark Ages. It has been for decades.
In yet another attempt to pull this market into modern times, regulators put states, cities and municipal issuers on notice three years ago. No longer would they be allowed to stint on disclosing basic financial information — the kind that investors in, say, public corporations, have long relied on. With an expanded and accessible Web site designed by regulators, municipal bond investors could finally find out what was going on.
Or not.
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