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re: What is the purpose of swaps?
Posted on 1/18/13 at 8:13 am to prplhze2000
Posted on 1/18/13 at 8:13 am to prplhze2000
quote:
and its something cities and parishes have no business fooling with.
If they know what they are doing and they are doing it to lower their interest rate risk rather than speculating on the direction of interest rate movement, why not?
1
Posted on 1/18/13 at 8:42 am to LSURussian
You raise a good question. Seriously.
Come to Mississippi and you will see NONE of the city and county governments have no clue about how to use them or have any business fooling with them. Hinds County has one. Auditor states it loses money every year on the deal. Meanwhile they pay a well-connected financial advisor a bunch of money to "monitor" the swap. Its in EMMA, 2006 and 2007 series. These guys can't even read balance sheets, much less understand what an advisor is telling them.
Come to Mississippi and you will see NONE of the city and county governments have no clue about how to use them or have any business fooling with them. Hinds County has one. Auditor states it loses money every year on the deal. Meanwhile they pay a well-connected financial advisor a bunch of money to "monitor" the swap. Its in EMMA, 2006 and 2007 series. These guys can't even read balance sheets, much less understand what an advisor is telling them.
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