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Resource ID: #24525
Subject: Schools
Source: Morning Call (Allentown, Pa.)
Date: 2009-06-09



The investigation revealed “how a school district's use of risky “swaps” - derivatives that are bets on interest rate swings - caused huge losses and higher taxes for the district”. These “swaps”, given by financial advisors and investment banks, brought in millions of fees for them and left the school district in debt. Further, the school and adviser failed to terminate two swaps, which cost taxpayers millions more.

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