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One is its credit rating agency, a vital cog in global capitalism that monitors the corporate world's debt issuances.
"The City of Detroit continues to incur expenditures in excess of revenues despite cost reductions and proceeds from long-term debt issuances," Mr. Orr wrote.
While no fingers were pointed at specific debt issuances, analysts say the comment caused substantial disruption in the market, even before the financial crisis hit.
He said the auditor general would review the finances and performance of state, county and municipal governments and school districts, particularly debt issuances.
These contracts, totaling in the billions a year, are typically awarded to private firms for services like debt issuances and sales of government assets, as well as more general advisory services.
Remic transactions are put together by Fannie Mae, Ginnie Mae and Ginnie Mac, the government-sponsored or owned mortgage agencies, among others, and account for about a third of the total debt issuances on Wall Street, according to the Wall Street law firm of Cleary , Gottlieb ,tein & Hamilton.
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Others propose a minimum volume of past debt issuance, but this discriminates against smaller entities.
Debt issuance is soaring as investors are "acting bullish, if not thinking bullish," Mr. Marks says.
Indeed, last year's trickle of Spanish corporate debt issuance has turned this month into a flow.
Mr. Trichet repeated his opposition to the idea of Europe-wide debt issuance to spur growth.
AECOM said the cash payment would include proceeds from a recently announced $250 million debt issuance.
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