Peter Shapiro News
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Philadelphia may see costs from interest-rate swap contracts climb to as much as $186 million. Yet it’s lobbying to exempt itself from a proposed Pennsylvania ban on the derivatives that would be the first in the U.S.
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Between debating the location of a proposed dog park and discussing taxi permit fees one night last month, the city council in Oakland, California, turned to severing ties with Goldman Sachs Group Inc.
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Pennsylvania should ban the use of interest-rate swaps by municipalities and raise the bar for issuing debt to avoid the type of fiscal calamity that besets Harrisburg, the city’s former receiver told state lawmakers.
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A multistate probe of alleged manipulation of interest rates threatens to leave banks liable for billions of dollars in estimated state and local losses from the scandal, even as they settle with national regulators.
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The Libor bid-rigging scandal is poised to more than double the losses suffered by U.S. states and localities that bought $500 billion in interest-rate swaps before the financial crisis.
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Wall Street banks would be held responsible for steering local governments into the kind of derivative deals that backfired amid the financial crisis, under a bill introduced in the U.S. Senate.
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The subprime mortgage crisis isn’t the only calamity Wall Street created that’s upending the finances of U.S. states and cities.
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The worst global financial crisis in 70 years arrived in Saint-Etienne this month, as embedded financial obligations began to blow up.
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“I know it’s Monday night but I beg you please, get drunk,” Daniel Craig, otherwise known as James Bond, told a packed house at the Ziegfeld Theatre last night.
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Water and electric customers in the Seattle area, most of whom pay U.S. taxes, will pay an additional $14 million to get out of an agreement with American International Group Inc., the insurance company rescued from insolvency in 2008 by American taxpayers.
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