Given the potential downgrades to some state GOs, essential service revenue bonds could outperform GOs.

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In addition, securitisers face probes by several state attorneys-general, the Internal Revenue Service, the Federal Bureau of Investigation, the Securities and Exchange Commission and the Justice Department, as well as lawsuits from investors and a rising number of stricken municipalities.

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The bureau provided no details, saying only that its field office in Seattle had worked throughout the weekend and Monday with Microsoft representatives and agents of the Secret Service, the Internal Revenue Service, the Washington State Police, and the Seattle Police.

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