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Detroit Should Fight Swaps as Unethical, Illegal Deals: Ex Muni Banker Says in Report

Detroit should drop its plan to unwind its costly interest-rate swaps and instead argue the transactions be declared illegal, a former municipal investment banker Wallace Turbeville said in a report released.

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Comments (1)
This is such a bad move that the City of Detroit is trying to make. Why go into further debt just to make the $300M swap termination payment? It makes more sense to keep the swaps alive until interest rates rise and the cost of termination goes down. Who is advising these folks?
Posted by Steven D | Thursday, November 21 2013 at 7:45PM ET
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