Business Services Industry
'93 report revealed SAFE's policy of borrowing funds. (investment fund)
Crain's Cleveland Business, November, 1994 by Shingler, Dan
The Cuyahoga County commissioners last December issued a document disclosing that the ill-fated SAFE investment fund would borrow money against its own securities in a practice known as leveraging, financial experts say. The commissioners repeatedly have said in recent weeks they weren't aware of the practice, which SAFE managers used to swell the fund's assets along with its exposure to market risks.
But a document related to the county's issuance last December of $264.4 million in one-year tax anticipation notes stated that borrowing against fund assets was part of SAFE's investment policy. The December note document, known in investment circles as an official statement, was issued by commissioners Mary Boyle, Timothy Hagan and Jim Petro and county...
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