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Non-Tech : Derivatives: Darth Vader's Revenge -- Ignore unavailable to you. Want to Upgrade?

To: axial who wrote (1297)3/19/2009 7:58:00 AM
From: Sam  Read Replies (1) | Respond to of 2794
 

South County got into the swap when it agreed to pay an annual fixed rate of 3.52 percent to Merrill Lynch for 30 years after it sold $52 million in auction-rate securities, or debt with interest that resets at periodic bidding every 7, 28 or 35 days.

Can you explain to me what these people did, exactly? I'm don't really understand what they are on the hook for. Did they do the equivalent of an ARM?



To: axial who wrote (1297)3/19/2009 4:13:18 PM
From: Worswick  Read Replies (1) | Respond to of 2794
 
Jim this is simply so sad. So, so sad. Many thanks for posting this.

... I wonder how far we are right now on the international stage from abrogating derivative contracts?



Best to you,

Clark


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