CalPERS Probe Hints At SEC's New To-Do List

Law360, New York (January 7, 2011, 7:14 PM EST) -- With the U.S. Securities and Exchange Commission reportedly looking into whether California hid deficiencies in its public pension plan from investors, the agency is signaling a newfound intention to crack down on state and municipal bond offerings — an area that regulators have historically ignored, according to attorneys and law professors.

"For the first time in history, the SEC is taking a close, close look at municipal bond offerings, and issuers are in grave danger," Steven S. Scholes, a member of McDermott Will & Emery LLC's...
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