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@Why do you say "principle there is no problem with public agencies doing this sort of swap."? Given their ability to borrow at very favorable interest rates at whatever duration they prefer, what good is likely to come from default swaps?

@Jasper. I think Falls Church probably answered your question directed toward me. What do you want WMATA to do, default on the agreements? The transit agencies got the stable interest rate for which they bargained. The US Government is still paying 6% interest on some old bonds, and some of them are no doubt held by banks. Do you want the US Government to default as well?

by Jim T on Jun 11, 2012 12:30 pm • link • report

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