N.M. Finance Authority aims to recover millions lost in GRIPgate scandal
By Trip Jennings 6/11/09 1:01 AM
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The New Mexico Finance Authority has asked the office of Attorney General
Gary King to look into trying to recover millions of dollars lost in a deal
at the center of a federal pay-to-play investigation.
The authority's chairman, Stephen Flance, said Wednesday that he hoped to
recover money from a series of companies that recommended that the agency
use complicated financial vehicles called interest-rate swaps.
Ultimately the market for the swaps collapsed, causing the agency to
refinance roughly $450 million of $1.7 billion in bonds used to the state's
high-profile transportation program ¡X GRIP, short for Governor Richardson's
Investment Partnership.
More:
http://newmexicoindependent.com/29318/nm-finance-authority-aims-to-recover-millions-lost-in-gripgate-scandal
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