Tag Archives: fx swaps

Stacy Summary:  Swaps wiping out counties, countries and financial systems across the world . . .

• How the Federal Reserve Bailed out the World

• Interest rate swap Armageddon in Alabama

“People want to kill somebody, but they don’t know who to shoot at”

Jefferson County’s debacle is a parable for billions of dollars lost by state and local governments from Florida to California in transactions done behind closed doors. Selling debt without requiring competition made public officials vulnerable to bankers’ sales pitches, leaving taxpayers to foot the bill for borrowing gone awry.