Auditor General Jack Wagner Says Pennsylvania Turnpike Commission has $2.23 Billion in Debt Tied to Swaps

Summary

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Urges commission to end risky contracts and stop gambling with public money

HARRISBURG, Pa., April 9 /PRNewswire-USNewswire/ -- Pennsylvania Auditor General Jack Wagner today said that a recent review by his department found that the Pennsylvania Turnpike Commission has more than $2.23 billion in debt tied to 26 active interest-rate swaps.

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Extract

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Auditor General Jack Wagner Says Pennsylvania Turnpike Commission has $2.23 Billion in Debt Tied to Swaps

If the Turnpike Commission had to terminate all of the swaps, it would lose $145.7 million, according to Wagner's review of the commission's most recent financial report, for the fiscal y...

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