Lebenthal on Munis

IF YOU KNEW WHAT I KNOW... Would you buy a municipal bond for the subways in New York City that''s rated AA-, or only A? Would you care what a bond is for as long, as it''s a general obligation backed by the issuer''s full faith, credit, and taxing power? Would you pay 109 for a bond, a premium of $90 for every $1,000 face value, knowing you''re going to get back only $1,000 at the end??Would it b...