Interest swaps

Its a damn fine thing that we were able to bail out the banks long enough to for them to come calling on the bogus investments they sold to us as interest swaps and whatnot.

Follow the money:
Banks sell interest swaps to government agencies, pensions, school districts, and others that use taxpayer money to pay their bills. The idea is that they'll magically get lower interest rates on money borrowed because this banker in a really nice suit told them it would.
taxpayers 0 Banks 1

Suddenly, that very same banker almost goes out of business. A true travesty of justice as we picture him trading in that really nice suit to feed his family. Instead of letting them realize the consequences of their failures, our government uses taxpayer money to pay their bills for them.
taxpayers 0 Banks 2

Now that everything is running smooth, it comes time to think about how big of a bonus the banker in a really nice suit will get. Wait a minute, I know. He can tell all his interest swap customers that not only did they not get the lower interest rates, but things are so tough out there that they suddenly owe the banks MILLIONs of dollars.
taxpayers 0 Banks 3

Thats right. A fabricated product did not perform as promised. Though rather than losing your investment in the product outright, you actually owe more now!

THIS is whyipaytaxes.

read more: Auditor general looks to ban swaps(marketplace)