Press Release: Bank Swap Deals Continue to Cost Philadelphia City, School District

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Large financial institutions, including many that received
financial bailouts through the Troubled Asset Relief Program, will continue to make hundreds of millions of dollars off interest rate swaps. The report shows deals negotiated with banks such as Wells Fargo, Morgan Stanley, and Goldman Sachs have cost the city of Philadelphia and its school district $331 million in net interest payments and cancellation fees.

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