Truth Squad Reacts to Stone Subsidies

Dear Client: Since recent reports surrounding Stone's imminent Richmond, Virginia, operations, and the roughly $30 million in bonds the city will reportedly issue to help fund them, several Truth Squadders have written in with strong opinions about that setup's implications for craft. "The only thing cheaper than muni bonds is the Fed Window itself," said one. "So Stone got the city to borrow on its behalf. ... Maximum bank lending amortization at these levels is 10 years. Muni bonds are