Univ. of CA Interest Rate Swaps Back in the News
has been back in the news the last couple months. The in February after University accountants updated estimates, saying that UC stood to lose $136 million over the next 34 years. Shortly afterwards, the following up on the interest rate swap losses. Both the OC Register and AP stories neglected to mention that UC sued 20 Wall Street banks last year for losses stemming from manipulation of LIBOR rates — to which interest rate swaps and other derivatives are indexed. Public banking advocate, Ellen Brown, however, picked up this thread in and several other outlets on April 13th. Finally, as UC CFO Peter Taylor departed his position at the end of April. Taylor was a UCLA Foundation Board member and the Managing Director of Public Finance for Lehman Brothers when the investment bank sold UC one of its most costly swaps. Taylor then assumed responsibility for UC’s continuation of the swaps when UC hired him as CFO in 2009. Taylor vehemently defended UC’s use of the swaps even as UC filed the LIBOR suit against banks that sold UC the swaps. Backup options available in double driver include structured folders, compressed zip phonetrackingapps.com/ phone tracker online archives, and even a self-extracting utility. Taylor is leaving UC to lead a foundation funded by a student loan debt collection agency.