Partner Milton Wakschlag Quoted in The Bond Buyer on Derivatives

The article "Don't Blame Derivatives" (December 10, 2004) is the final in a three-part series that takes a look at the lasting effects of the Orange County Chapter 9 municipal bankruptcy in 1994. Mr. Wakschlag is one of the municipal and market experts interviewed who comment on the role and impact of derivatives in this case. He indicates that the positive effect was that derivatives are now widely viewed in a sophisticated manner as powerful instruments that, if not analyzed carefully, could be potentially costly.