Swaps cost Philadelphia, school district $331 million — NewsWorks

Swaps cost Philadelphia, school district $331 million — NewsWorks:

Swaps cost Philadelphia, school district $331 million

January 17, 2012

By Tom MacDonald

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As a new report shows the cost of interest rate swaps to the city of Philadelphia and the school district, public interest groups are urging banks to relieves some of the pressure..

With interest rates at historic lows, rate swaps -- in which bond issuers guarantee a rate of return --