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Here are the opening lines of a Wall Street Journal story:
Wall Street firms have received fees exceeding $1 billion in less than a year selling “Build America Bonds” meant to spur jobs in struggling cities, often charging municipalities higher costs than for traditional bond deals.
The new bonds were introduced last year as one of the administration’s economic stimulus tools, and one goal was to use them to finance road building. They came with a high interest rate to help local government borrow at a time when borrowing is tough. It would seem from Ianthe Jeanne Dugan’s WSJ story that the banks are, surprisingly, getting more stimulus from the bonds than municipalities.