>>>
>>>https://www.jurist.org/news/2019/02/philadelphia-sues-7-banks-alleging-municipal-bond-collusion/
>>>
>>They did that to NYC during the 1970's.
>>The trick as an investor is to spot that when it's happening and buy those bonds.
>
>huh. Why would you want to buy them though when the banks are all colluding like that?

No one was holding a gun to the municipality's head.
The banks were taking advantage of incompetency in NYC government. Lots of it there.
When I buy bonds (never stocks) I evaluate the risk vs the return.
This was a no-brainer.