(Bloomberg) -- A Jefferson County, Alabama,
commissioner was questioned by federal regulators about how
banks were chosen to arrange $5.6 billion of interest-rate swaps
and why there was no competitive bidding for the contracts.
Larry Langford, who gave testimony for more than three
hours at the U.S. Securities and Exchange Commission's Miami
office on June 21, said officials hired banks such as JPMorgan
Chase & Co. to arrange the derivatives because of the firms'
knowledge of Jefferson County's finances. Officials relied on
advisers to look out for the county's interests, Langford said.
Read more at Bloomberg Bonds News
commissioner was questioned by federal regulators about how
banks were chosen to arrange $5.6 billion of interest-rate swaps
and why there was no competitive bidding for the contracts.
Larry Langford, who gave testimony for more than three
hours at the U.S. Securities and Exchange Commission's Miami
office on June 21, said officials hired banks such as JPMorgan
Chase & Co. to arrange the derivatives because of the firms'
knowledge of Jefferson County's finances. Officials relied on
advisers to look out for the county's interests, Langford said.
Read more at Bloomberg Bonds News
No comments:
Post a Comment