Risky Wall Street Swaps Costing PA Millions, Senate Considers Ban

Public funds are being funneled from Pennsylvania tax-payers straight to Wall Street in complex investment schemes called swaps. In this video, I report on a proposal in the PA Senate to ban local governments and school districts from making these risky Wall Street swaps deals, and highlight a hearing on the bill at which former state Auditor General Jack Wagner (D) gave examples showing they’ve cost the state hundreds of millions of dollars and progressive state Senator Rob Teplitz (D) stood in strident support of the proposed ban. So why keep letting Wall Street executives get a cut of Pennsylvania tax revenue?

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