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A great example is the city of Chicago selling its parking meters for 1.15 billion dollars. Now considered one of the biggest financial mistakes the city ever m
by tutorialmanager 2y ago
A great example is the city of Chicago selling its parking meters for 1.15 billion dollars. Now considered one of the biggest financial mistakes the city ever made
- pjc50 2y agoChicago was also involved in the interest rate swap "mis-selling"; see https://www.chicago.gov/city/en/depts/mayor/press_room/press_releases/2024/march/interest-swap-end.html https://www.chicago.gov/city/en/depts/mayor/press_room/press... Having sold a fairly sophisticated and expensive financial product with nasty downside risks to lots of states and cities, Wall Street then went on to rig the underlying number: https://www.reuters.com/legal/ten-big-banks-settle-us-interest-rate-swaps-rigging-litigation-2024-06-27/ https://www.reuters.com/legal/ten-big-banks-settle-us-intere... (although market conditions since the financial crisis would have caused the buyers to lose money anyway)