As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. The market for these bonds is comprised of many types of professionals--investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators--who are paid interest and principal according to a fixed schedule....