The interest rate swaps, which you can read more about in the PBPC report or at some in the articles I link to below, ostensibly were signed to protect the city from having to pay higher interest rates.chloehandbags When interest rates tanked after the recession, however, the city and School District were left holding the bag and had to pay the old high interest rates, losing millions—or pay millions to cancel the agreements.
Our city and schools have already been cut to the bone: the city cut nearly $100 million during 2008 and 2009,guccihandbagsreplica while the School District faced a $629 million budget shortfall that was closed by serious teacher and staff layoffs and by big cuts to programs. More cuts are expected this year.valentinoreplicahandbags
Pennsylvania Auditor General Jack Wagner called the swaps "highly risky and impenetrably complex transactions that, quite simply,fakerolexwatches amount to gambling with public money. Moreover they are susceptible of being marketed deceptively and they principally benefit the investment banks and multitude of intermediaries who sell them to relatively unsophisticated public officials.ralphlaurenhoody"
Our city and schools have already been cut to the bone: the city cut nearly $100 million during 2008 and 2009,guccihandbagsreplica while the School District faced a $629 million budget shortfall that was closed by serious teacher and staff layoffs and by big cuts to programs. More cuts are expected this year.valentinoreplicahandbags
Pennsylvania Auditor General Jack Wagner called the swaps "highly risky and impenetrably complex transactions that, quite simply,fakerolexwatches amount to gambling with public money. Moreover they are susceptible of being marketed deceptively and they principally benefit the investment banks and multitude of intermediaries who sell them to relatively unsophisticated public officials.ralphlaurenhoody"
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