As a concept, you have to love auction rate securities. The fee structure, however, has a small (but dedicated) fan base.
State and local governments will spend about $211 million this year for the failed sales, based on the 0.25 percent average annual fee charged on the $84.5 billion of outstanding securities, according to data compiled by Bloomberg. The bonds – - long-term debt with interest rates reset through auctions every 7, 28 or 35 days — typically require issuers pay their bankers even if auctions fail.
We are struck by the realization that if you negotiate terms that include an implicit “yeah, like that’s ever going to happen” somewhere in the fine print, you might find yourself on the wrong end of a Bloomberg article when “that actually happens” and end up getting “faired up.” Brace yourself, ARS auctioneers.
Taxpayers Billed $211 Million in Auction-Rate Failure [Bloomberg]
Hope those guys aren’t flying private planes anywhere…
delta airlines! you allow delta f**king airlines to advertise on this site. have you no standards, that bunch of thieving, weighty, middle aged trolley dolley’s couldn’t run a cabin if they tried!
eat a dick, @2
@3 eating a dick is the new killing it
Do you know how many fucking times I’ve been trying to get a contract term changed because an unlikely contingency spelled certain doom if it continged and had the client say to me dismissively, “Yeah, like that’s ever going to happen?”
Well, none. Nobody ever puts it that way. But the *concept* comes up ALL THE GODDAMNED TIME, and then everybody hates the lawyer who’s “killing the deal.”
Well, guess what, chumps? YOU GET WHAT YOU FUCKING PAY FOR. Bad shit goes down, black swans travel in large fucking flocks, and the Parade of Horribles is staging up just down the street. I hope you enjoy the show, you Pollyanna-brained motherfuckers.
@5 1+