_0.jpg)
auditor-general
State auditor hits Penn Pike for "gambling" with $2.23 billion in interest rate swaps
Posted on Fri, 2010-04-09 19:11
The state auditor-general in Pennsylvania, Jack Wagner has criticized the Turnpike for "gambling" with $2.23 billion variable interest rate debt tied to 26 different interest rate swaps. He said his office calculated the cost to terminate the swaps could be $146m - the equivalent of around three months toll revenues.
