This should be interesting to watch play out, especially in North Carolina, with our willingness to play fast and loose with financial facts. Bloomberg reports that the SEC has put proven scam-buster Elaine Greenberg in charge of a new crackdown on fraud in municipal credit deals. Details:

Now she’ll direct the SEC’s attention to states and cities as part of a focus on the tax-exempt market by Chairman Mary Schapiro, 54. In her sights are possible bid-rigging for municipal-investment contracts by banks including JPMorgan Chase & Co. and Bank of America Corp., public officials who hire advisers based on political contributions and local governments that fail to disclose their true financial condition. …“When a municipality or a state or any local issuer goes out and seeks to raise money from investors across the country, it’s critical they adequately disclose their liabilities,” Greenberg said.

Like I said, should prove very interesting.