Just about a year ago today, rumors started to circulate in the sometimes sleepy and boring world of municipal finance.

The gist of the story was that a highly influential analyst was about to release a bombshell negative report. For portfolio managers running non-taxable bond funds, this was exciting.

Within asset management firms, these guys are way down in the social hierarchy; they normally sit in non-descript offices next to money market portfolio managers, chatting about things like duration, credit quality, and interest rate forecasts.

The actual release date of the "Tragedy of Commons" report still isn’t exactly clear, but Meredith Whitney was definitely deep into her non-deal road show by Nov. 11, when she appeared on CNBC.