So whatever happened to that Armageddon in the $475-billion municipal bond fund market?

Late last year, Meredith Whitney, a banking analyst and principal at the research firm Meredith Whitney Advisory Group LLC who gained a reputation for market savvy with her sage 2007 warning that Citigroup would need a massive capital infusion, shocked investors when she went on "60 Minutes" and predicted that somewhere between 50 and 100 struggling municipalities were headed for default and that investors would lose “hundreds of billions of dollars.”

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