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Old 04-16-2013, 05:13 PM   #1
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Rate spike may lead to U.S. muni 'Armageddon' -SEC commissioner

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Investors in the $3.7 trillion U.S. municipal bond market could soon face an "Armageddon" if interest rates spike, a member of the Securities and Exchange Commission said on Tuesday.

Commissioner Dan Gallagher told a roundtable of market participants hosted by the SEC that recent bankruptcies in California pose the threat of losses to bondholders.

So, ah... yeah. About that "exit strategy" for QE...
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