Meredith Whitney's fear of "50-100 sizable defaults" of municipalities doesn't dissuade Gary...

|By:, SA News Editor

Meredith Whitney's fear of "50-100 sizable defaults" of municipalities doesn't dissuade Gary Kaminsky from seeing municipal bonds as a "buying opportunity." Even if Whitney is correct, the muni market is measured in trillions, not billions, so those defaults would represent just a sliver of the overall market. Also: "if Citigroup is too big to fail, logic would dictate that so too is the state of California."