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.
Staff Writer
Editorial
Our team of enterprising editors brings years of experience covering the fleet industry. We offer a deep understanding of trends and the ever-evolving landscapes we cover in fleet, trucking, and transportation.
View Bio
media brand