Sarasota News Leader

09/28/12

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Sarasota News Leader September 28, 2012 cities worldwide that have come up millions short on derivative deals. The only sure winner in a derivative deal is the investment professional making the sale. Yet, the size of this market is enormous, with estimates running as high as $600 trillion. That is about 10 times the size of the annual gross domestic product of the entire world. This Sarasota charter amendment includes a ban on investments in other financial instru- ments, as well. While all are legal, they, too, are high-risk. They include "options, forward contracts, futures, stripped mortgage-backed securities, structure notes and swaps." No one in town knows the risks and benefits of derivatives better than City Commissioner Terry Turner. He briefed the Alta Vista Neigh- YOUTH FALL FISHING TOURNAMENT SET FOR SEPT. 29 Sarasota County Parks and Recre- ation will host the Blind Pass Beach Youth Fall Fishing Tournament, at 8:30 a.m. on Saturday, Sept. 29, at Blind Pass Beach, 6725 Manasota Key Road, Englewood. Participants ages 14 and under may register in advance by calling 941-861-5000 and asking for the Englewood Sports Complex. Registra- tion on the day of the event will begin at 8 a.m., with the tournament starting at 8:30 a.m. Page 35 borhood Association on the charter amend- ments on Sept. 20. "I spent 10 years on Wall Street selling deriva- tives," he said. "There are cities across the na- tion who lost their shirts because they didn't understand the risk." He urges city voters to approve the ban on city investment in derivatives. Voters who believe the city should make con- servative investments with public funds will vote in favor of this amendment. Voters who believe the city should try to maxi- mize returns on its investments, no matter the risk, will vote against the amendment. The cost is $1 per child; parental supervision is required, a county news release points out. Each participant needs to bring a fishing rod and reel; bait will be provided. Following the tournament, raffle prizes, re- freshments and awards will be presented, with honors for largest catch, among other categories. For more information, contact the Sarasota County Call Center at 941-861-5000, or visit- www.scgov.net. facebook.com/SarasotaNewsLeader

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