The Board of Regents’ pursuit of cheap money to increase UC profits left it exposed to the financial collapse. According to the report, UC’s risky bets have now cost it $57 million, which could rise to over $250 million over the next three decades. Between May 2007 and the end of last year, the Regents doubled UC’s debt load. The UC system is currently paying about three quarters of a million dollars per month to Wall Street firms as a result of the swaps.
|By: Leighton Woodhouse Wednesday November 14, 2012 2:30 pm|
|By: masaccio Friday August 24, 2012 3:55 pm|
Politicians don’t talk about real issues in campaigns. Interest rate swaps? Screwed savers? Who the heck cares? Too complicated, you people wouldn’t understand.
|By: David Dayen Wednesday July 11, 2012 12:30 pm|
Whether or not regulators sanction the major banks in the Libor rate-rigging scandal, plenty of stakeholders plan to sue the banks for restitution. Certain financial products were tied toward some Libor rates and not others. But as I’ve mentioned before, local governments seem like a definitive victim here.