Muni-bond disaster questioned

Meredith Whitney, the analyst who catapulted to fame by being one of the first to warn of the financial crisis, gave municipal-bond investors a big scare recently.

But Michael Schroeder questions her math and wonders what the fuss is about.

It pays to listen to Schroeder, the Naples bond manager whose firm, Wasmer, Schoeder & Company, manages about $4 billion and consistently outperforms its peers. (Schroeder's rebuttal to Whitney is posted on the CFA Society of Naples Web site, cfanaples.org.)