Aware of the virtually unlimited array of fried foods that a fairgoers can purchase on a stick, Virginia State Fair organizers shouldn’t have been surprised at the similarly impressive range of financial deals that Wall Street titans were willing to cook up for them.
When organizers decided several years ago to move their fairgrounds to a historic horse farm further outside Richmond’s city limits, they hedged their borrowings by relying on a financial tool invented by financial wizards—a synthetic rate swap.
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