Wall Street Rates Cities on a Higher Standard Than It Does Corporations

According to the NY Times, states and cities are starting to dissent against and defy Wall Street's convoluted formulae for rating municipal bonds. And what makes Wall Street so logical?

States and cities rarely dishonor their debts. The bonds they sell to investors are generally tax-free and much safer than those issued by corporations. But some officials complain that ratings firms assign municipal borrowers low credit scores compared with corporations. Taxpayers ultimately pay the price, the officials say, in the form of higher fees and interest costs on public debt.

Excuse me while I judge that Wall Street scheme to be fix on municipal marks designed to wring out more money for private investors.