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City Hall better explain risky financial deal

from Chicago Sun-Times

The City of Chicago’s significant exposure to interest-rate swaps liabilities, as detailed by Sun-Times reporter Dan Mihalopoulos (“Rahm’s $200 Mil Time Bomb,” June 18), highlights a need for additional transparency on the specifics of such deals and the city’s rationale for entering into them. According to the accounting in Mihalopoulos’ story, many of the derivative contracts in the city’s swaps portfolio have termination clauses if Moody’s lowers its rating below Chicago’s current level. more

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