I suspect the real reason is connected to that little detail. That is far and away the most corrupt area of finance in the U.S. Virtually no muni bond business is ever obtained without the firm paying significant bribes in the form of campaign donations.
You are correct. To say nothing of certain executives of these muni bond funds that, let's just say, don't have a financial background.
Hmmm...I did not know that. Very innaresting point--thanks.