Mayoral candidate prospered as exec of bond firm whose city business boomed during his stint as comptroller
New York City sold Wall Street on the idea that a multibillion-dollar tobacco industry settlement was a cash cow. Now investors are staring down default, helped along by the mayor’s anti-cigarette crusade.
When New York State borrows against personal income tax payments, the banks that put together the bonds, known as underwriters, effectively collect a fee for the service. That fee is often shared with other firms dealing in the bonds, and firms do not have to disclose how they divide the total. But the “lead underwriter” […]