Wednesday, August 13, 2014

We're No. 1!

Ohio's tobacco deal was the largest ever. It included CABs that brought in $319 million in return for an eventual $6.6 billion balloon payment 2014 a nickel on the dollar. Bear Stearns, Citigroup and other Wall Street firms made about $23 million in fees on the transaction, according to the bond offering document.

"We are confident that we can stimulate demand," Bear Stearns bankers told Ohio prior to a $5.5 billion tobacco bond package championed in 2007 by then state Treasurer Richard Cordray, who these days heads the U.S. Consumer Financial Protection Bureau.

Thanks, Rich. Can we be confident CFPB won't be investigating any fraud here? Outside their jurisdiction, no doubt.


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