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Wells Fargo Securities Launches Municipal Research

"The municipal bond market is large and diverse," said Cohen. "The frequent headlines that forecast a meltdown mask this diversity. Broad-brush conclusions that all municipalities are tainted could lead to missed investment opportunities. I look forward to offering investors fresh thinking on the key issues that affect these markets."

"We're thrilled to be able to offer such high-quality municipal bond research to our customers," said Diane Schumaker-Krieg, Global Head of Research & Economics at Wells Fargo. "The U.S. municipal market is deep and complex with more than 89,000 governments, about 30,000 capital markets borrowers, and 50 states, each with their own laws and regulations. Natalie brings deep industry expertise and a unique perspective that will help investors better understand this important and evolving market."

In her report, Cohen acknowledges that there are serious financial challenges among state and local governments today. However, she disagrees that frequently cited examples are evidence of "systemic" risk in the sector. For example, she notes that "investors are worried about the unfunded $1 trillion pension liability. But it is important to distinguish pension plans that lost market value in the recession from governments that have consistently failed to fund their plans. These are two different situations with different implications for state and local budgets." Cohen also examines other recent headlines including the failed Harrisburg, Pennsylvania incinerator project, which she believes is not the 'tip of an iceberg' or symptom of systemic problems. "Rather it is a white elephant," she says, "the product of poor judgment by city officials...and not related to the recession."

Prior to joining Wells Fargo, Cohen founded National Municipal Research, Inc. an independent consulting and research company which provided clients with advice on trends in U.S. state/local government finance and municipal securities. Before that, she was a managing director at Financial Security Assurance (FSA), a bond insurance company. Her other experience includes: underwriting financial guarantee insurance for high yield public securities and private placements at American Capital Access and Enhance Reinsurance/Asset Guaranty (now Radian). She has also worked in government at New York City's Office of Management and Budget and at Moody's Investors Service. In addition, Cohen is known for her published research on municipal bond defaults and municipal credit trends and most recently her blog, thepublicpurse.com.

Cohen received her B.A. degree from Hampshire College and her M.P.A. degree from New York University's Wagner School of Public Service. She is based in New York.

About Wells Fargo

Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune's 2009 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.

Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member FINRA and SIPC, and Wells Fargo Bank, National Association.

Wells Fargo & Company
Elise Wilkinson, 704-374-6512
elise.wilkinson@wachovia.com