PATRICK-MURRAY ADMINISTRATION SECURES TURNPIKE FINANCING AGREEMENT THAT SAVES TOLLPAYERS MILLIONS Transportation reform results in deal with UBS to avoid $71 million payment BOSTON - Wednesday, October 21, 2009 - After months of … [Read more...]
Let the Sun Shine In
***Cross-posted on Jamie's Beacon Hill Blog *** Transparency. Accountability. Reform. These have become the buzzwords of the current Legislative session, repeated over and over in every debate to the point where I worry, occasionally, that … [Read more...]
Swaptions horror show continues: UBS now has all it needs to demand termination payment
Bad news from the ratings agencies: a second downgrade to the Turnpike Authority's bond insurer has strengthened the hand of UBS, who seems now to be well within its rights to demand a "termination payment" on its swaptions agreements with … [Read more...]
Swaptions hilarity continues: state now a step closer to guaranteeing Pike’s debt
Today the legislature sent to the Governor a bill that would put the full faith and credit of the Commonwealth behind the Turnpike Authority's obligations under a disastrous "swaptions" agreement about which we've written quite a good deal. … [Read more...]
Arr, Pirate Ship ‘Swaptions’ Returns for $400 Million Payout
Cargo ships off Somalia aren't the only ones who need to fear piracy. Reuters reported yesterday that rating agency Moodys has followed Standard & Poors and downgraded insurance company Ambac to junk. It appears the conditions for a … [Read more...]
Swaptions: A train wreck coming down the Pike
The current transportation debate has put a spotlight on how we restore and protect the integrity of our transportation system but should also illuminate the road that brought us here - specifically, the amount of risk accepted by our … [Read more...]
Assignment for the BMG hive mind: figure out swaptions documents
OK folks, time to earn your stripes. Here are the documents setting up the swaptions now wreaking havoc at the Pike. If you're up for it, read them and tell us what you find. … [Read more...]