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Authors

Jay L. Koh

Abstract

In 1994, municipalities across the United States suffered hundreds of millions of dollars in losses from their investments in derivatives. Commentators swiftly blamed the crisis on a variety of villains, including unscrupulous brokers, rogue investment officers, and uninformed or unsophisticated treasurers and municipal decisionmakers. Based on this diagnosis, industry experts, government regulators, and academic commentators proposed a host of different options designed to avert future crises in derivatives investments.

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