BETRAYAL OF THE PUBLIC TRUST:: Fraudulent Practices of Bond Counsel (Fraud and Worse in the Municipal Bond Markets)

Every year, local governments across America issue over $400 billion in municipal bonds to fund essential infrastructure—schools, hospitals, roads, and water systems. At the center of this massive market stands a small circle of specialized attorneys who effectively determine which projects receive financing and under what terms.

In this explosive exposé, renowned municipal finance expert Michael Lissack reveals how pervasive conflicts of interest and verification failures among bond counsel have evolved into systemic fraud, diverting billions in public resources away from critical infrastructure needs. Through detailed case studies of high-profile municipal failures—from Jefferson County's sewer crisis to Detroit's bankruptcy—Lissack demonstrates how law firms alternating between representing municipalities and underwriters create inherent conflicts that compromise independent judgment and harm taxpayers.

Drawing on decades of insider experience, including his landmark whistleblower role in exposing the yield burning scandal, Lissack offers a comprehensive roadmap for reform. His proposals for mandatory separation of roles, enhanced verification standards, and strengthened regulatory oversight provide a practical framework for restoring integrity to this essential market.

At a time when America faces over $5 trillion in infrastructure needs, this groundbreaking analysis comes at a pivotal moment of regulatory reconsideration. It makes a compelling case that reforming bond counsel practices is not merely a technical legal issue but essential to ensuring that public finance serves the public good.

ESSENTIAL READING FOR:

• Municipal officials and government finance officers
• Investors in municipal securities
• Policymakers concerned with infrastructure financing
• Legal ethics and financial regulation experts
• Taxpayers interested in how their communities fund essential services

"A devastating critique of practices that have gone unchallenged for too long... Lissack's insider expertise and meticulous research make this required reading for anyone concerned with how America finances its infrastructure."