Thursday, July 1, 2010

More on Hinds County's interest rate swaps

Ward Schaeffer at yes, the Jackson Free Press, pens a very good article on the interest rate swaps Hinds County used back in 2006. This story is worth reading and the reporter gets the details of a very complex subject down pat. None of the Clarion-Ledger' s business reporters could have written this story. Some excerpts:

"Hinds County may have earned almost $4.5 million from a complex financial deal, but few in the county appear able to explain where the money went. At a June 7 Board of Supervisors meeting, Supervisor Phil Fisher seized on a report by county financial adviser Porter Bingham on the transaction, called an interest-rate swap. Fisher demanded to know how the county has spent its proceeds from the swap. No one could provide an answer."

"Hinds County's swap is a more exotic breed, however, less plain vanilla and more Rocky Road. The deal, which Bingham said could also be described as a "synthetic refunding," involves variable-rate payments on both sides. The county makes one set of variable-rate payments on $46.945 million in bonds in exchange for other variable-rate payments from Rice Financial Products, a New York-based investment firm.

Records provided by the Hinds County Chancery Clerk's office show that the county has received $4.36 million in payments from the swap since 2006 and an additional $81,000 in interest on those proceeds. The county has spent $3.21 million of those earnings as part of its general fund budgets since 2008. Another $469,686 has gone to pay fees associated with the transaction, leaving the county with a balance of $757,227 from the swap as of May 31." Read the rest of the article.

Nice reporting. Kingfish, how did you miss this one? I didn't. Spoke to Mr. Fisher a few weeks ago about the swap. Requested said information. Got an email from him two days ago it was ready so I'll be looking at this one on my own but I don't think I'll be adding much of anything to what Mr. Schaefer has already written.

Posted by Kingfish at 9:53 AM

4 comments:

Anonymous said...

I think I just saw a pig fly by my window. Kingfish praising the JFP?

July 1, 2010 at 2:54 PM
Kingfish said...

Yup. Was good work. I said he did good work on a Two Lakes story a few months ago. Now if she has any sense, she'll stay away from the keyboard so no one remembers her dozen comments out in left field instead of the story itself.

July 1, 2010 at 3:10 PM
KaptKangaroo said...

Bwahahahhaaha....Great advice! Get out of the way and let your people achieve what they are capable of!

July 1, 2010 at 5:16 PM
Anonymous said...

From the JFP: (after advising said intrepid reporter of your praise)

"Nice, but I won't rest until I've won the hottest reporter poll."

posted by Ward Schaefer on 07/01/10 at 04:24 PM

We"ll leave the rest in your capable hands, Kingfish.

July 1, 2010 at 5:50 PM

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Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).

Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.

In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS.