A growing number of Wall Street banks are discovering what Australia's Macquarie Bank discovered two decades ago: that there's big money to be made funding municipal infrastructure projects in the U.S. The New York Times reports that the likes of Goldman Sachs, Credit Suisse, Merrill Lynch and Morgan Stanley are all setting out to cash in on such projects as highways either as an adviser or by raising a fund that will get the job done for local governments – delighted to get the money without having to raise taxes – and making a return for investors by, for example, raising tolls. The returns are relatively modest – no higher than say 12% -- but in light of low returns on municipal bonds, that looks pretty attractive to the traditional bond investor.