This post looks at the final three essays in Corruption and American Politics
, an essay collection edited by Michael
A. Genovese and Victoria A. Farrar-Meyers (Cambria, 2011).
Pay to Play in the Municipal Bond Market
In "Influence Peddling and Voter Suppression," Thomas A. Hollihan
looks at the municipal bond market, where sweetheart
deals have greatly increased the cost to taxpayers of getting credit
and, in some cases, led to serious crises in local governments,
including bankruptcy. But it's not a few bad apples. Hollihan quotes
an investigator of the situation, Charles Anderson, as saying, "It's
rare to sell a Senate seat, but it's not rare to sell a bond deal. …
pay-to-play in the municipal bond market is epidemic."