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PHILADELPHIA (AP) - A national regulatory board that has been trying to rid the municipal bond business of the stink of political patronage is tightening its rules again in the wake of a corruption scandal in Philadelphia.
The city's former treasurer is now on trial on charges that he and a politically connected lawyer conspired to extort campaign contributions and other payments from companies seeking a piece of Philadelphia's multimillion-dollar government bond business.
With the trial still unfolding, the Municipal Securities Rulemaking Board asked the Securities and Exchange Commission last week to approve a rule that would ban bond dealers from using outside consultants to sell their services to state and local governments.
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