The record amount of municipal bond defaults in one year was just over $8 billion at the time , Whitney 's comments about hundreds of billions in defaults briefly shook the market and drew a great deal of attention .
Much of it critical .
Since the record amount of municipal bond defaults in one year was just over $8 billion at the time , Whitney 's comments about hundreds of billions in defaults briefly shook the market and drew a great deal of attention , much of it critical .