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  1. How complex were these ‘credit default swaps’ from a interest rate stand-point? Was this a ‘kick-the-can-down-the-road’ transaction(s) because of looming termination or deadline payments the city could not meet, therefore settling for extremely high rates on bond payments?

    Shawn Werdlow, former CFO -City of Detroit, now with the Bond and Securities firm Siebert Brandford Shank had to juggle these bonds continuously.

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