The information on wholesale bond prices and spreads is non-transparent and difficult for retail investors to find on a real time or near real time basis, resulting in investors being forced to trust the bond Broker-Dealer, resulting in high markup or markdown costs.
Although the new trust would leave all the resulting investment under public ownership, the city's recent bitter experience with a bungled 75-year lease of its parking meters under a previous mayor has left residents fearful.
This has several important implications, which include the increased costs resulting from this third-party interference and the ambiguous nature of trust protector status and duties in American case law.