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With declining revenue streams, underfunded pensions, and no insurance, municipal bonds can be treacherous and unsuitable for investors who lack the background and resources to performance due diligence before investing. “You cannot rely upon a third party like an insurance company doing the due diligence for you and putting their triple-A wrap on it,” one municipal bond portfolio manager was quoted as saying, adding: “That methodology is gone. So you have to go back to basics and do your own homework.” (“Muni Bonds: Spotting Red Flags,” WSJ Blogs).