BANKING & FINANCE - Oct. 8, 1993
Officials Reject Federal Muni Intervention: Local government officials who raise money through municipal bonds told a House panel that federal reforms aren’t necessary, despite political contributions that have raised investors’ hackles and congressional eyebrows. The House Energy and Commerce Committee’s finance subcommittee was told that California Treasurer Kathleen Brown has stopped accepting contributions from individuals who participate in muni transactions. Separately, The New York Times reported that nine major Wall Street firms will temporarily abstain from making contributions to politicians or candidates who could give them business. The firms are Merrill Lynch & Co.; Goldman, Sachs & Co.; Lehman Brothers Inc.; CS First Boston; Smith Barney Shearson Inc.; PaineWebber Inc.; Prudential Securities; J.P. Morgan Securities, and Kidder, Peabody & Co.
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