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Michael Terry
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Michael Terry, CFA has nearly 20 years of experience in the investment management industry focused on the analysis, investment and management of fixed income and preferred stock portfolios. Over the years, Mr. Terry has analyzed and invested in both public and private companies around the world... More
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  • LIBOR, Munis And Swaps - Oh My! 0 comments
    Aug 2, 2012 10:22 PM

    Just can't get enough controversy (Fox):

    The Financial Services Authority said Allied Irish Banks PLC, Bank of Ireland and the U.K. arm of Spain's Banco Santander S.A. will review the sale of interest rate swaps and other derivatives to business customers, as will Clydesdale Bank and Yorkshire Bank, both units of National Australia Bank Ltd., the Co-operative Bank and Northern Bank, a unit of Danske Bank A/S.

    The FSA reached an agreement June 29 with four big banks to compensate small businesses and other customers who were inappropriately sold swaps and other complex financial products without receiving proper advice on the risks involved and without full disclosure of the potential cost.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: libor, swaps, banks
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