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Douglas_Knight comments on Easy wins aren't news - Less Wrong
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I don't know the specifics, but I would bet that the SEC (and probably other federal agencies) had to approve the auction, and investment bankers have lots of say over what happens with the SEC.
But the SEC did approve the 1997 auction. Maybe it was very difficult for this company to enter the market back then. Maybe it would be very difficult for a new company to enter this market. But that is not the topic. The topic is municipal bonds taking advantage of the options that are available, the options that have already passed regulatory hurdles.