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Bond Buyer, June 11, 2013 - "Study Claims Billions of Dollars of Excessive Muni Markups"

Kyle Glazier's "Study Claims Billions of Dollars of Excessive Muni Markups" summarizes the results of SLCG's comprehensive municipal bond markup study available here. We estimated that brokerage firms and underwriters charged $1 billion a year in excessive markups leading to higher borrowing costs for municipal issuers and lower returns for investors. Mr. Glazier's story led SIFMA's Michael Decker to criticize our work in a June 18, 2013 letter to the Bond Buyer editor, Fatal Flaws in Markup Research Paper, available here and Craig McCann's June 25, 2013 response, Rebuttal to Markup Report Criticisms available here.

 
Craig J. McCann
Principal703.246.9381