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Investment banks wake up to once-sleepy muni bonds; Wall St. embraces public finance as rising tide of issues hits the market.(Bear Stearns and Company Inc.)(Statistical Data Included)
Crain's New York Business, October, 2001 by Gandel, Stephen
By late summer, bear Stearns' Dan Keating was energized. The senior managing director's public finance group was already well on its way to its best performance in years. And that was even before Bear Stearns & Co. led 17 other Wall Street firms in the successful effort early this month to raise $1 billion for New York City to help it rebuild.
``Everyone here is putting in a 110% effort,'' says Mr. Keating. ``We were already having a good year, and then comes along this opportunity to be able to use your expertise and help out-it feels great.'' On Wall Street, the public finance business has long been viewed as the weaker brother to the business of raising capital for corporations. Not anymore. For the first time in years, it's the investment bankers who...
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