June 14, 2012

Report: Banks to blame for high N.Y. MTA fares

NEW YORK — A new report released by a transit union says that one cause of the New York Metropolitan Transportation Authority’s (MTA) recent fare hikes and service cuts is interest swaps: financial arrangements that the MTA made with banks on 10% of its $33 billion in debt — deals that have gone against the agency and in favor of the banks, WNYC reported .

The deals were made because banks agreed to cover the fluctuating interest rates on some of the MTA's bonds. The union says the MTA is now losing almost $114 million a year, and could continue to lose money on the deals for the next 20 years to 30 years. For the full story, click here.

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