1983年爆发了第一起大型的市政债券违约事件，华盛顿公共电力供应系统（WPPSS,Washington Public Power Supply System）公司的22亿美元债券违约，次年，Ambac支付了其应付的0.25亿美元赔款，使公众认可了债券...
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Five years ago, what could have seemed safer than WPPSS?
FORBES: Watch Your Assets
Only a relatively few businesses earn the 16.3% after tax on unleveraged capital that our WPPSS investment does and those businesses, when available for purchase, sell at large premiums to that capital.
FORBES: Buffett's Billions Can't Buy Him Exemption From His Tax-Averse Past
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