The most surprising thing here is how egregious it is. Like everyone in these positions or studies this area knows there is no accountability on these, but they don't usually do it.

Outside of these circles I've definitely heard people assume there were greater stipulations on state funding or even bond issuances in the fixed-income market, and want to argue that with me mostly given the lack of evidence of executives taking advantage of it for personal gain.

This one is shocking because they actually did.