Private equity operators start to do deals in an active new issue market for debt securities and equities.

FORBES: Uncle Sam: Not Too Big To Fail

Once a municipal bond is refinanced, (prerefunded) the issuer uses the proceeds of the new issue and purchases US Treasury securities (collateral) that are used to pay the interest and principal on the original, more expensive debt until maturity or the call date, whichever the escrow agreement states.

FORBES: Pre-Refunded Munis Are A Bargain

The U.S. Securities and Exchange Commission has been studying the issue of naked short-selling and even instituted new regulations in January 2005 that require the stock exchanges to report stocks that routinely fail-to-deliver.

FORBES: Naked Shorts