Yield Burning
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High Quality Content by WIKIPEDIA articles! Yield Burning was a method by which major Wall Street US municipal bond dealers cheated the federal government out of millions of dollars of revenue. It was exposed by whistleblower Michael Lissack in 1994, and eventually the firms involved settled with the government for $205 million. The New York Times describes the scam as follows: "To refinance their old, expensive debt when interest rates fall, municipalities often sell new bonds and put the proceeds into temporary escrow accounts. By law, those accounts cannot generate a higher rate of interest...
High Quality Content by WIKIPEDIA articles! Yield Burning was a method by which major Wall Street US municipal bond dealers cheated the federal government out of millions of dollars of revenue. It was exposed by whistleblower Michael Lissack in 1994, and eventually the firms involved settled with the government for $205 million. The New York Times describes the scam as follows: "To refinance their old, expensive debt when interest rates fall, municipalities often sell new bonds and put the proceeds into temporary escrow accounts. By law, those accounts cannot generate a higher rate of interest than the rate on the newly issued bonds; if they do, the excess is considered to be arbitrage profit, and it must be rebated to the Federal Government. To comply with that law, issuers typically buy a mix of ordinary Treasury securities in the open market or special securities, called slugs, from the Treasury.
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