As municipal bond prices recover and investors move back into the market, Meredith Whitney...

|By:, SA News Editor

As municipal bond prices recover and investors move back into the market, Meredith Whitney shifts her focus a level higher to the "hidden state financial crisis." Opaque state financial statements mask the extent of underfunded pensions, she says; "The real issue... is the enormous over-leveraging of taxpayer-supported obligations at a time when taxpayers are already paying more and receiving less."