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A yearlong investigation uncovered how Wall Street firms profit and local governments often lose out when they sell bonds in the municipal market. The Wall Street Journal combined sources to create an unprecedented database of municipal bond trades to show how the securities firms governments pay to sell their debt routinely underprice those bonds, unload them with very little risk, then often buy them back at higher prices. Those not bought back also run up in price as other securities firms snap them up and resell them.

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